85R14690 JJT-D
By: Perry S.B. No. 2057
A BILL TO BE ENTITLED
AN ACT
relating to the creation, administration, and funding of a state
infrastructure endowment fund outside of the state treasury.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 403, Government Code, is amended by
adding Subchapter S to read as follows:
SUBCHAPTER S. STATE INFRASTRUCTURE ENDOWMENT FUND
Sec. 403.551. DEFINITION. In this subchapter, "fund" means
the state infrastructure endowment fund.
Sec. 403.552. STATE INFRASTRUCTURE ENDOWMENT FUND. (a)
The state infrastructure endowment fund is created as a fund to be
held outside of the state treasury and administered by the
comptroller as trustee for the purpose of paying the costs of state
infrastructure as provided by this subchapter.
(b) Notwithstanding Subsection (a), the comptroller may
transfer to the Texas Treasury Safekeeping Trust Company the
comptroller's duties as trustee.
(c) The fund consists of money transferred to the fund at
the direction of the legislature and interest or other earnings on
that money. Money in the fund may be used only to:
(1) pay for projects to repair, renovate,
rehabilitate, or construct state infrastructure other than
transportation infrastructure;
(2) make payments of principal or interest on state
general obligation bonds the proceeds of which are used to pay for
projects to repair, renovate, rehabilitate, or construct state
infrastructure other than transportation infrastructure; or
(3) make payments under a credit agreement or bond
enhancement agreement related to bonds described by Subdivision
(2).
(d) The trustee of the fund, without the necessity of a
legislative appropriation, may apply available money from the fund
toward payments described by Subsection (c). The trustee may enter
into bond enhancement agreements to provide additional security for
general obligation bonds or revenue bonds the proceeds of which are
used to finance state infrastructure projects other than
transportation infrastructure projects. Bond enhancement
agreements must be payable solely from available money from the
fund. The bond enhancement agreements may not exceed an amount that
can be fully supported by the fund. A bond enhancement agreement
entered into under this subsection may not provide for a duty to
make a payment under the agreement so as to constitute a
constitutional state debt payable from general revenues of the
state.
(e) The trustee of the fund may use that fund to finance,
including by direct loan, state infrastructure projects other than
transportation infrastructure projects.
Sec. 403.553. RESERVATION OF REVENUE AND APPROPRIATION FOR
FUND. (a) For the state fiscal years 2018 through 2028, the
comptroller shall reserve in the state treasury an amount equal to
one-quarter of one percent of all general revenue that comes into
the state treasury during each state fiscal year that is not
dedicated or appropriated by the Texas Constitution.
(b) The money reserved under Subsection (a) may be
appropriated only for the purpose of transferring during the
succeeding state fiscal year the reserved amount to the credit of
the fund. If the money is not appropriated for that purpose for the
succeeding state fiscal year, the reserved money may be
appropriated for any purpose after the end of that fiscal year.
(c) The legislature may appropriate additional general
revenue for the purpose of transferring the revenue to the fund
except that the total amount appropriated for a state fiscal year
for transfer to the fund may not exceed one percent of all general
revenue that came into the state treasury during the preceding
state fiscal year that is not dedicated or appropriated by the Texas
Constitution.
(d) This section expires September 1, 2029.
SECTION 2. This Act takes effect September 1, 2017.