| 1 | 1 | | 85R14690 JJT-D |
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| 2 | 2 | | By: Perry S.B. No. 2057 |
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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 the creation, administration, and funding of a state |
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| 8 | 8 | | infrastructure endowment fund outside of the state treasury. |
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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. Chapter 403, Government Code, is amended by |
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| 11 | 11 | | adding Subchapter S to read as follows: |
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| 12 | 12 | | SUBCHAPTER S. STATE INFRASTRUCTURE ENDOWMENT FUND |
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| 13 | 13 | | Sec. 403.551. DEFINITION. In this subchapter, "fund" means |
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| 14 | 14 | | the state infrastructure endowment fund. |
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| 15 | 15 | | Sec. 403.552. STATE INFRASTRUCTURE ENDOWMENT FUND. (a) |
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| 16 | 16 | | The state infrastructure endowment fund is created as a fund to be |
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| 17 | 17 | | held outside of the state treasury and administered by the |
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| 18 | 18 | | comptroller as trustee for the purpose of paying the costs of state |
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| 19 | 19 | | infrastructure as provided by this subchapter. |
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| 20 | 20 | | (b) Notwithstanding Subsection (a), the comptroller may |
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| 21 | 21 | | transfer to the Texas Treasury Safekeeping Trust Company the |
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| 22 | 22 | | comptroller's duties as trustee. |
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| 23 | 23 | | (c) The fund consists of money transferred to the fund at |
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| 24 | 24 | | the direction of the legislature and interest or other earnings on |
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| 25 | 25 | | that money. Money in the fund may be used only to: |
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| 26 | 26 | | (1) pay for projects to repair, renovate, |
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| 27 | 27 | | rehabilitate, or construct state infrastructure other than |
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| 28 | 28 | | transportation infrastructure; |
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| 29 | 29 | | (2) make payments of principal or interest on state |
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| 30 | 30 | | general obligation bonds the proceeds of which are used to pay for |
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| 31 | 31 | | projects to repair, renovate, rehabilitate, or construct state |
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| 32 | 32 | | infrastructure other than transportation infrastructure; or |
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| 33 | 33 | | (3) make payments under a credit agreement or bond |
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| 34 | 34 | | enhancement agreement related to bonds described by Subdivision |
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| 35 | 35 | | (2). |
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| 36 | 36 | | (d) The trustee of the fund, without the necessity of a |
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| 37 | 37 | | legislative appropriation, may apply available money from the fund |
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| 38 | 38 | | toward payments described by Subsection (c). The trustee may enter |
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| 39 | 39 | | into bond enhancement agreements to provide additional security for |
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| 40 | 40 | | general obligation bonds or revenue bonds the proceeds of which are |
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| 41 | 41 | | used to finance state infrastructure projects other than |
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| 42 | 42 | | transportation infrastructure projects. Bond enhancement |
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| 43 | 43 | | agreements must be payable solely from available money from the |
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| 44 | 44 | | fund. The bond enhancement agreements may not exceed an amount that |
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| 45 | 45 | | can be fully supported by the fund. A bond enhancement agreement |
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| 46 | 46 | | entered into under this subsection may not provide for a duty to |
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| 47 | 47 | | make a payment under the agreement so as to constitute a |
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| 48 | 48 | | constitutional state debt payable from general revenues of the |
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| 49 | 49 | | state. |
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| 50 | 50 | | (e) The trustee of the fund may use that fund to finance, |
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| 51 | 51 | | including by direct loan, state infrastructure projects other than |
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| 52 | 52 | | transportation infrastructure projects. |
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| 53 | 53 | | Sec. 403.553. RESERVATION OF REVENUE AND APPROPRIATION FOR |
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| 54 | 54 | | FUND. (a) For the state fiscal years 2018 through 2028, the |
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| 55 | 55 | | comptroller shall reserve in the state treasury an amount equal to |
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| 56 | 56 | | one-quarter of one percent of all general revenue that comes into |
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| 57 | 57 | | the state treasury during each state fiscal year that is not |
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| 58 | 58 | | dedicated or appropriated by the Texas Constitution. |
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| 59 | 59 | | (b) The money reserved under Subsection (a) may be |
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| 60 | 60 | | appropriated only for the purpose of transferring during the |
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| 61 | 61 | | succeeding state fiscal year the reserved amount to the credit of |
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| 62 | 62 | | the fund. If the money is not appropriated for that purpose for the |
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| 63 | 63 | | succeeding state fiscal year, the reserved money may be |
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| 64 | 64 | | appropriated for any purpose after the end of that fiscal year. |
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| 65 | 65 | | (c) The legislature may appropriate additional general |
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| 66 | 66 | | revenue for the purpose of transferring the revenue to the fund |
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| 67 | 67 | | except that the total amount appropriated for a state fiscal year |
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| 68 | 68 | | for transfer to the fund may not exceed one percent of all general |
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| 69 | 69 | | revenue that came into the state treasury during the preceding |
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| 70 | 70 | | state fiscal year that is not dedicated or appropriated by the Texas |
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| 71 | 71 | | Constitution. |
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| 72 | 72 | | (d) This section expires September 1, 2029. |
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| 73 | 73 | | SECTION 2. This Act takes effect September 1, 2017. |
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