84R6106 KLA-D
By: Larson H.J.R. No. 130
A JOINT RESOLUTION
proposing a constitutional amendment to limit state debt.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49(e), Article III, Texas Constitution,
is amended to read as follows:
(e) The legislature, by at least a two-thirds vote of the
members elected to each house, may enact all laws necessary or
appropriate to implement the authority granted by a proposition
that is approved as provided by Subsection (b) of this section. A
law enacted in anticipation of the election is valid if, by its
terms, it is subject to the approval of the related proposition.
SECTION 2. Section 49a, Article III, Texas Constitution, is
amended by adding Subsections (f) and (g) to read as follows:
(f) This subsection applies only to the certification of a
general appropriations bill for a state fiscal biennium and only if
the amount of state debt on the first day of the state fiscal
biennium for which the bill appropriates money is estimated to
exceed an amount equal to 10 percent of the modified biennial
general revenue estimate for that state fiscal biennium. In
addition to the certification required by Subsection (b) of this
section, the general appropriations bill for a state fiscal
biennium is not considered as passed and may not be sent to the
Governor for consideration until the Comptroller of Public Accounts
endorses the Comptroller's certificate on the bill showing that the
amount appropriated by the bill for the repayment of state debt
during that state fiscal biennium is anticipated to result in a
total amount of state debt on the last day of the state fiscal
biennium, including any state debt issued, obtained, or entered
into by this state during that biennium, that is at least 5 percent
less than the total amount of that state debt on the first day of
that state fiscal biennium. In this subsection:
(1) "Modified biennial general revenue estimate"
means the amount of revenue stated in the Comptroller's estimate
provided in advance of the regular legislative session as required
by Subsection (a) of this section that, based on the laws in effect
at the time the estimate is made, is anticipated to be received by
and for the state and deposited to the credit of the general revenue
fund, as that estimate is modified by probable changes to that
anticipated revenue as shown in any supplemental statements
submitted in accordance with Subsection (a) of this section.
(2) "State debt" means the combined total of the
amounts of bonds or notes, excluding revenue bonds or notes, loans,
other public securities, bond enhancement agreements, refunding
obligations, or other debt issued, obtained, or entered into, as
applicable, by this state and any accrued interest on that debt.
(g) If the Comptroller of Public Accounts finds that the
Comptroller cannot make the certification required by Subsection
(f) of this section, the Comptroller shall endorse the finding on
the bill and return the bill to the House in which the bill
originated. The finding immediately shall be made known to the
House of Representatives and the Senate and the necessary steps
shall be taken to appropriate an amount of money for the repayment
of state debt, as defined by Subsection (f) of this section, that
will allow the Comptroller to make the certification required by
that subsection.
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 84th Legislature,
Regular Session, 2015, to limit state debt by requiring
appropriations to reduce existing state debt to less than a
specified portion of state revenue and by requiring a two-thirds
vote of the legislature to authorize additional state debt.
(b) The amendment to Section 49(e), Article III, of this
constitution applies only to the enactment of a law or an amendment
to a law by the legislature on or after January 1, 2016.
(c) This temporary provision expires January 1, 2017.
SECTION 4. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2015.
The ballot shall be printed to provide for voting for or against the
proposition: "The constitutional amendment to limit state debt by
requiring appropriations to reduce existing state debt to less than
a specified portion of state revenue and by requiring a two-thirds
vote of the legislature to authorize additional state debt."