84R2231 JJT-D
By: Hancock S.B. No. 307
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. GENERAL OBLIGATION DEBT RETIREMENT ACCOUNT;
TRANSFERS. (a) In this section, "account" means the general
obligation debt retirement account.
(b) The general obligation debt retirement account is an
account in the general revenue fund.
(c) Money in the account may be appropriated only to pay
principal of or interest on state general obligation debt.
(d) 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.
(e) 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.