84R3644 JJT-D
By: Otto H.J.R. No. 68
A JOINT RESOLUTION
proposing a constitutional amendment to dedicate certain money to
the purpose of retiring state debt early.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by adding Subsections (p) and (q) to read as follows:
(p) When the comptroller acts to prevent the amount in the
economic stabilization fund from exceeding the limit in effect for
a biennium under Subsection (g) of this section by reducing an
amount transferred to the fund from general revenue as provided by
Subsection (b) or (c) of this section or by crediting to general
revenue interest due to the economic stabilization fund as provided
by Subsection (i) of this section, the comptroller shall credit to
an account in the general revenue fund of the state treasury:
(1) if the comptroller reduces the amount transferred
under Subsection (b) of this section, an amount of general revenue
equal to the difference between the amount transferred to the
economic stabilization fund under Subsection (b) of this section
and the amount that would have been transferred under that
subsection but for the limit in effect under Subsection (g) of this
section;
(2) if the comptroller reduces the amount transferred
under Subsection (c) of this section, an amount of general revenue
equal to the difference between the amount transferred to the
economic stabilization fund under Subsection (c) of this section
and the amount that would have been transferred under that
subsection but for the limit in effect under Subsection (g) of this
section; and
(3) if the comptroller reduces the amount credited to
the economic stabilization fund under Subsection (i) of this
section, an amount of general revenue equal to the amount credited
to general revenue under that subsection.
(q) General revenue credited to the account in the general
revenue fund of the state treasury under Subsection (p) of this
section may be appropriated only for the purpose of retiring state
debt early.
SECTION 2. 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 dedicate certain
money to the purpose of retiring state debt early."