By: Nichols, et al. S.J.R. No. 2
(Phillips, Pitts, Pickett, Lavender, et al.)
proposing a constitutional amendment to provide for the transfer of
certain general revenue to the economic stabilization fund, to
provide for the transfer of certain general revenue to the state
highway fund and the dedication of that revenue, and to authorize
the payment of the principal and interest on certain highway
improvement bonds from other money deposited to the state highway
fund.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by amending Subsections (c), (d), and (e) and adding
Subsections (c-1) and (c-2) to read as follows:
(c) Not later than the 90th day of each fiscal year, the
comptroller of public accounts shall transfer from the general
revenue fund to the economic stabilization fund and the state
highway fund the sum of the amounts described [prescribed] by
Subsections (d) and (e) of this section, to be allocated as provided
by Subsections (c-1) and (c-2) of this section. However, if
necessary and notwithstanding the allocations prescribed by
Subsections (c-1) and (c-2) of this section, the comptroller shall
reduce proportionately the amounts described by Subsections (d) and
(e) of this section to be transferred and allocated to the economic
stabilization fund to prevent the amount in that [the] fund from
exceeding the limit in effect for that biennium under Subsection
(g) of this section. Revenue transferred to the state highway fund
under this subsection may be used only for constructing,
maintaining, and acquiring rights-of-way for public roadways.
(c-1) Of the sum of the amounts described by Subsections (d)
and (e) of this section and required to be transferred from the
general revenue fund under Subsection (c) of this section, the
comptroller shall allocate one-half to the economic stabilization
fund and the remainder to the state highway fund, except as provided
by Subsection (c-2) of this section.
(c-2) If the anticipated balance of the economic
stabilization fund after any transfer that may be made under
Subsection (b) of this section and any transfer and allocation of
money that may be made as provided by Subsections (c) and (c-1) of
this section would be less than $6 billion, the comptroller shall
reduce the amount that would otherwise be allocated to the state
highway fund as provided by Subsection (c-1) of this section by the
lesser of the total amount of the allocation to that fund or the
amount necessary for the anticipated balance of the economic
stabilization fund, after any transfer that may be made under
Subsection (b) of this section and the transfer and allocation to be
made as provided by Subsections (c) and (c-1) of this section, to
equal $6 billion. The comptroller shall allocate to the economic
stabilization fund the amount by which the allocation to the state
highway fund is reduced under this subsection.
(d) If in the preceding year the state received from oil
production taxes a net amount greater than the net amount of oil
production taxes received by the state in the fiscal year ending
August 31, 1987, the comptroller shall transfer under Subsection
(c) of this section and allocate in accordance with Subsections
(c-1) and (c-2) of this section [to the economic stabilization
fund] an amount equal to 75 percent of the difference between those
amounts. The comptroller shall retain the remaining 25 percent of
the difference as general revenue. In computing the net amount of
oil production taxes received, the comptroller may not consider
refunds paid as a result of oil overcharge litigation.
(e) If in the preceding year the state received from gas
production taxes a net amount greater than the net amount of gas
production taxes received by the state in the fiscal year ending
August 31, 1987, the comptroller shall transfer under Subsection
(c) of this section and allocate in accordance with Subsections
(c-1) and (c-2) of this section [to the economic stabilization
fund] an amount equal to 75 percent of the difference between those
amounts. The comptroller shall retain the remaining 25 percent of
the difference as general revenue. For the purposes of this
subsection, the comptroller shall adjust the [his] computation of
revenues to reflect only 12 months of collection.
SECTION 2. Section 49-p, Article III, Texas Constitution,
is amended by adding Subsection (e) to read as follows:
(e) Except for revenue transferred to the state highway fund
under Section 49-g(c) of this article, money deposited to the
credit of that fund, including money dedicated by Section 7-a,
Article VIII, of this constitution and deposited to that fund, may
be appropriated to repay the principal and interest on bonds issued
under this section.
SECTION 3. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the constitutional amendment proposed by the 83rd Legislature,
1st Called Session, 2013, to provide for the transfer of certain
general revenue to the economic stabilization fund, to provide for
the transfer of certain general revenue to the state highway fund
and the dedication of that revenue, and to authorize the payment of
the principal and interest on certain highway improvement bonds
from other money deposited to the state highway fund.
(b) The amendment to Section 49-g, Article III, of this
constitution takes effect January 1, 2014, and applies only to a
transfer of revenue made by the comptroller of public accounts as
provided by Subsection (c) of that section on or after January 1,
2014.
(c) This temporary provision expires January 1, 2015.
SECTION 4. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2013.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to provide for the
transfer of certain general revenue to the economic stabilization
fund, to provide for the transfer of certain general revenue to the
state highway fund and the dedication of that revenue, and to
authorize the payment of the principal and interest on certain
highway improvement bonds from other money deposited to the state
highway fund."