| 1 | 1 | | 85R1530 KLA-D |
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| 2 | 2 | | By: Metcalf, Simmons, et al. H.B. No. 456 |
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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. |
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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. ALLOCATIONS FOR STATE DEBT RETIREMENT. (a) |
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| 13 | 13 | | The state debt retirement account is an account in the general |
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| 14 | 14 | | revenue fund and administered by the comptroller. The account is |
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| 15 | 15 | | exempt from the application of Section 403.095. |
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| 16 | 16 | | (b) Each time the comptroller, as provided by Section |
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| 17 | 17 | | 49-g(b) or (c), Article III, Texas Constitution, reduces an amount |
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| 18 | 18 | | of general revenue that otherwise is to be transferred to the |
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| 19 | 19 | | economic stabilization fund, the comptroller shall allocate to the |
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| 20 | 20 | | credit of the state debt retirement account an amount of general |
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| 21 | 21 | | revenue equal to the amount by which the comptroller reduced the |
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| 22 | 22 | | amount of the transfer to the economic stabilization fund. |
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| 23 | 23 | | (c) Each time the comptroller, as provided by Section |
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| 24 | 24 | | 49-g(i), Article III, Texas Constitution, credits to general |
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| 25 | 25 | | revenue an amount of interest otherwise due to the economic |
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| 26 | 26 | | stabilization fund, the comptroller shall credit that amount to the |
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| 27 | 27 | | state debt retirement account. |
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| 28 | 28 | | (d) Except as provided by Subsection (f), money allocated or |
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| 29 | 29 | | credited to the state debt retirement account under this section |
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| 30 | 30 | | may be appropriated only to pay the principal of or interest on |
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| 31 | 31 | | state bonds, notes, or other obligations. |
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| 32 | 32 | | (e) At any time there is no outstanding amount of principal |
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| 33 | 33 | | or interest owed on a state bond, note, or other obligation, the |
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| 34 | 34 | | comptroller: |
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| 35 | 35 | | (1) shall allocate to the nondedicated portion of the |
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| 36 | 36 | | general revenue fund any remaining balance of money allocated or |
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| 37 | 37 | | credited to the state debt retirement account under this section; |
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| 38 | 38 | | and |
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| 39 | 39 | | (2) may not make an allocation or credit money as |
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| 40 | 40 | | otherwise required by Subsection (b) or (c). |
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| 41 | 41 | | (f) Money allocated as provided by Subsection (e)(1) may be |
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| 42 | 42 | | appropriated for any general governmental purpose. |
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| 43 | 43 | | SECTION 2. This Act takes effect September 1, 2017. |
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