| 1 | 1 | | 84R1881 JJT-D |
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| 2 | 2 | | By: Creighton S.B. No. 704 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to dedicating certain state revenue to the purpose of |
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| 8 | 8 | | retiring state debt for transportation improvements. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter F, Chapter 403, Government Code, is |
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| 11 | 11 | | amended by adding Section 403.098 to read as follows: |
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| 12 | 12 | | Sec. 403.098. TRANSFERS FOR TRANSPORTATION IMPROVEMENTS |
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| 13 | 13 | | DEBT RETIREMENT. (a) Each time the comptroller, as provided by |
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| 14 | 14 | | Section 49-g(b) or (c), Article III, Texas Constitution, reduces an |
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| 15 | 15 | | amount of general revenue that otherwise is to be transferred to the |
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| 16 | 16 | | economic stabilization fund, the comptroller at the same time shall |
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| 17 | 17 | | transfer to the credit of the state highway fund an amount of |
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| 18 | 18 | | general revenue equal to the amount by which the comptroller |
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| 19 | 19 | | reduced the amount of the transfer to the economic stabilization |
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| 20 | 20 | | fund. |
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| 21 | 21 | | (b) Each time the comptroller, as provided by Section |
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| 22 | 22 | | 49-g(i), Article III, Texas Constitution, credits to general |
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| 23 | 23 | | revenue interest otherwise due to the economic stabilization fund, |
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| 24 | 24 | | the comptroller at the same time shall transfer to the credit of the |
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| 25 | 25 | | state highway fund an amount of general revenue equal to the amount |
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| 26 | 26 | | of the interest credited to general revenue. |
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| 27 | 27 | | (c) Notwithstanding Section 222.002, Transportation Code, |
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| 28 | 28 | | and except as provided by Subsection (e), money transferred to the |
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| 29 | 29 | | state highway fund under this section may be appropriated only to |
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| 30 | 30 | | pay principal of or interest on state bonds, notes, or other |
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| 31 | 31 | | obligations issued for a purpose related to transportation |
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| 32 | 32 | | improvements. |
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| 33 | 33 | | (d) At any time there is not an outstanding amount of |
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| 34 | 34 | | principal or interest owed under a state bond, note, or other |
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| 35 | 35 | | obligation issued for a purpose related to transportation |
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| 36 | 36 | | improvements, the comptroller: |
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| 37 | 37 | | (1) shall transfer to the general revenue fund any |
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| 38 | 38 | | remaining balance of money transferred to the state highway fund |
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| 39 | 39 | | under this section; and |
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| 40 | 40 | | (2) may not make a transfer otherwise required by |
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| 41 | 41 | | Subsection (a) or (b). |
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| 42 | 42 | | (e) Money transferred as provided by Subsection (d)(1) may |
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| 43 | 43 | | be appropriated for any general governmental purpose. |
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| 44 | 44 | | SECTION 2. This Act takes effect September 1, 2015. |
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