Texas 2015 - 84th Regular

Texas House Bill HJR130 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R6106 KLA-D
2	2	By: Larson H.J.R. No. 130
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment to limit state debt.
7	7	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Section 49(e), Article III, Texas Constitution,
9	9	is amended to read as follows:
10	10	(e) The legislature, by at least a two-thirds vote of the
11	11	members elected to each house, may enact all laws necessary or
12	12	appropriate to implement the authority granted by a proposition
13	13	that is approved as provided by Subsection (b) of this section. A
14	14	law enacted in anticipation of the election is valid if, by its
15	15	terms, it is subject to the approval of the related proposition.
16	16	SECTION 2. Section 49a, Article III, Texas Constitution, is
17	17	amended by adding Subsections (f) and (g) to read as follows:
18	18	(f) This subsection applies only to the certification of a
19	19	general appropriations bill for a state fiscal biennium and only if
20	20	the amount of state debt on the first day of the state fiscal
21	21	biennium for which the bill appropriates money is estimated to
22	22	exceed an amount equal to 10 percent of the modified biennial
23	23	general revenue estimate for that state fiscal biennium. In
24	24	addition to the certification required by Subsection (b) of this
25	25	section, the general appropriations bill for a state fiscal
26	26	biennium is not considered as passed and may not be sent to the
27	27	Governor for consideration until the Comptroller of Public Accounts
28	28	endorses the Comptroller's certificate on the bill showing that the
29	29	amount appropriated by the bill for the repayment of state debt
30	30	during that state fiscal biennium is anticipated to result in a
31	31	total amount of state debt on the last day of the state fiscal
32	32	biennium, including any state debt issued, obtained, or entered
33	33	into by this state during that biennium, that is at least 5 percent
34	34	less than the total amount of that state debt on the first day of
35	35	that state fiscal biennium. In this subsection:
36	36	(1) "Modified biennial general revenue estimate"
37	37	means the amount of revenue stated in the Comptroller's estimate
38	38	provided in advance of the regular legislative session as required
39	39	by Subsection (a) of this section that, based on the laws in effect
40	40	at the time the estimate is made, is anticipated to be received by
41	41	and for the state and deposited to the credit of the general revenue
42	42	fund, as that estimate is modified by probable changes to that
43	43	anticipated revenue as shown in any supplemental statements
44	44	submitted in accordance with Subsection (a) of this section.
45	45	(2) "State debt" means the combined total of the
46	46	amounts of bonds or notes, excluding revenue bonds or notes, loans,
47	47	other public securities, bond enhancement agreements, refunding
48	48	obligations, or other debt issued, obtained, or entered into, as
49	49	applicable, by this state and any accrued interest on that debt.
50	50	(g) If the Comptroller of Public Accounts finds that the
51	51	Comptroller cannot make the certification required by Subsection
52	52	(f) of this section, the Comptroller shall endorse the finding on
53	53	the bill and return the bill to the House in which the bill
54	54	originated. The finding immediately shall be made known to the
55	55	House of Representatives and the Senate and the necessary steps
56	56	shall be taken to appropriate an amount of money for the repayment
57	57	of state debt, as defined by Subsection (f) of this section, that
58	58	will allow the Comptroller to make the certification required by
59	59	that subsection.
60	60	SECTION 3. The following temporary provision is added to
61	61	the Texas Constitution:
62	62	TEMPORARY PROVISION. (a) This temporary provision applies
63	63	to the constitutional amendment proposed by the 84th Legislature,
64	64	Regular Session, 2015, to limit state debt by requiring
65	65	appropriations to reduce existing state debt to less than a
66	66	specified portion of state revenue and by requiring a two-thirds
67	67	vote of the legislature to authorize additional state debt.
68	68	(b) The amendment to Section 49(e), Article III, of this
69	69	constitution applies only to the enactment of a law or an amendment
70	70	to a law by the legislature on or after January 1, 2016.
71	71	(c) This temporary provision expires January 1, 2017.
72	72	SECTION 4. This proposed constitutional amendment shall be
73	73	submitted to the voters at an election to be held November 3, 2015.
74	74	The ballot shall be printed to provide for voting for or against the
75	75	proposition: "The constitutional amendment to limit state debt by
76	76	requiring appropriations to reduce existing state debt to less than
77	77	a specified portion of state revenue and by requiring a two-thirds
78	78	vote of the legislature to authorize additional state debt."