| 1 | 1 | | 84R3644 JJT-D |
|---|
| 2 | 2 | | By: Nelson S.J.R. No. 25 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment to dedicate certain money to |
|---|
| 7 | 7 | | the purpose of retiring state debt early. |
|---|
| 8 | 8 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 9 | 9 | | SECTION 1. Section 49-g, Article III, Texas Constitution, |
|---|
| 10 | 10 | | is amended by adding Subsections (p) and (q) to read as follows: |
|---|
| 11 | 11 | | (p) When the comptroller acts to prevent the amount in the |
|---|
| 12 | 12 | | economic stabilization fund from exceeding the limit in effect for |
|---|
| 13 | 13 | | a biennium under Subsection (g) of this section by reducing an |
|---|
| 14 | 14 | | amount transferred to the fund from general revenue as provided by |
|---|
| 15 | 15 | | Subsection (b) or (c) of this section or by crediting to general |
|---|
| 16 | 16 | | revenue interest due to the economic stabilization fund as provided |
|---|
| 17 | 17 | | by Subsection (i) of this section, the comptroller shall credit to |
|---|
| 18 | 18 | | an account in the general revenue fund of the state treasury: |
|---|
| 19 | 19 | | (1) if the comptroller reduces the amount transferred |
|---|
| 20 | 20 | | under Subsection (b) of this section, an amount of general revenue |
|---|
| 21 | 21 | | equal to the difference between the amount transferred to the |
|---|
| 22 | 22 | | economic stabilization fund under Subsection (b) of this section |
|---|
| 23 | 23 | | and the amount that would have been transferred under that |
|---|
| 24 | 24 | | subsection but for the limit in effect under Subsection (g) of this |
|---|
| 25 | 25 | | section; |
|---|
| 26 | 26 | | (2) if the comptroller reduces the amount transferred |
|---|
| 27 | 27 | | under Subsection (c) of this section, an amount of general revenue |
|---|
| 28 | 28 | | equal to the difference between the amount transferred to the |
|---|
| 29 | 29 | | economic stabilization fund under Subsection (c) of this section |
|---|
| 30 | 30 | | and the amount that would have been transferred under that |
|---|
| 31 | 31 | | subsection but for the limit in effect under Subsection (g) of this |
|---|
| 32 | 32 | | section; and |
|---|
| 33 | 33 | | (3) if the comptroller reduces the amount credited to |
|---|
| 34 | 34 | | the economic stabilization fund under Subsection (i) of this |
|---|
| 35 | 35 | | section, an amount of general revenue equal to the amount credited |
|---|
| 36 | 36 | | to general revenue under that subsection. |
|---|
| 37 | 37 | | (q) General revenue credited to the account in the general |
|---|
| 38 | 38 | | revenue fund of the state treasury under Subsection (p) of this |
|---|
| 39 | 39 | | section may be appropriated only for the purpose of retiring state |
|---|
| 40 | 40 | | debt early. |
|---|
| 41 | 41 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 42 | 42 | | submitted to the voters at an election to be held November 3, 2015. |
|---|
| 43 | 43 | | The ballot shall be printed to provide for voting for or against the |
|---|
| 44 | 44 | | proposition: "The constitutional amendment to dedicate certain |
|---|
| 45 | 45 | | money to the purpose of retiring state debt early." |
|---|