84R2577 JJT-D
By: Campbell S.B. No. 249
A BILL TO BE ENTITLED
AN ACT
relating to dedicating certain state revenue to the purpose of
retiring state general obligation debt.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter F, Chapter 403, Government Code, is
amended by adding Section 403.098 to read as follows:
Sec. 403.098. STATE DEBT RETIREMENT ACCOUNT; TRANSFERS.
(a) In this section, "account" means the state debt retirement
account.
(b) The state debt retirement account is an account in the
general revenue fund.
(c) Except as provided by Subsection (d), money in the
account may be appropriated only to pay principal of or interest on
state general obligation debt or to make a payment under a credit
agreement related to a state general obligation.
(d) Money in the account may be appropriated for any purpose
on a two-thirds vote of the members present in each house of the
legislature.
(e) Each time the comptroller, as provided by Section
49-g(b) or (c), Article III, Texas Constitution, reduces an amount
of general revenue that otherwise is to be transferred to the
economic stabilization fund, the comptroller at the same time shall
transfer to the credit of the account an amount of general revenue
equal to the amount by which the comptroller reduced the amount of
the transfer to the economic stabilization fund.
(f) Each time the comptroller, as provided by Section
49-g(i), Article III, Texas Constitution, credits to general
revenue interest otherwise due to the economic stabilization fund,
the comptroller at the same time shall transfer to the credit of the
account an amount of general revenue equal to the amount of the
interest credited to general revenue.
SECTION 2. This Act takes effect September 1, 2015.