84R1881 JJT-D
By: Creighton S.B. No. 704
A BILL TO BE ENTITLED
AN ACT
relating to dedicating certain state revenue to the purpose of
retiring state debt for transportation improvements.
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. TRANSFERS FOR TRANSPORTATION IMPROVEMENTS
DEBT RETIREMENT. (a) 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 state highway fund an amount of
general revenue equal to the amount by which the comptroller
reduced the amount of the transfer to the economic stabilization
fund.
(b) 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
state highway fund an amount of general revenue equal to the amount
of the interest credited to general revenue.
(c) Notwithstanding Section 222.002, Transportation Code,
and except as provided by Subsection (e), money transferred to the
state highway fund under this section may be appropriated only to
pay principal of or interest on state bonds, notes, or other
obligations issued for a purpose related to transportation
improvements.
(d) At any time there is not an outstanding amount of
principal or interest owed under a state bond, note, or other
obligation issued for a purpose related to transportation
improvements, the comptroller:
(1) shall transfer to the general revenue fund any
remaining balance of money transferred to the state highway fund
under this section; and
(2) may not make a transfer otherwise required by
Subsection (a) or (b).
(e) Money transferred as provided by Subsection (d)(1) may
be appropriated for any general governmental purpose.
SECTION 2. This Act takes effect September 1, 2015.