| 1 | 1 | | 2017S0368-1 03/02/17 |
|---|
| 2 | 2 | | By: Perry S.J.R. No. 46 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment to set aside general revenue |
|---|
| 7 | 7 | | as dedicated to pay for certain state infrastructure projects. |
|---|
| 8 | 8 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 9 | 9 | | SECTION 1. Article III, Texas Constitution, is amended by |
|---|
| 10 | 10 | | adding Section 50-h to read as follows: |
|---|
| 11 | 11 | | Sec. 50-h. (a) The state infrastructure endowment fund is |
|---|
| 12 | 12 | | a fund created outside the state treasury. |
|---|
| 13 | 13 | | (b) Not later than the 90th day of each state fiscal year, |
|---|
| 14 | 14 | | the comptroller of public accounts shall transfer from the general |
|---|
| 15 | 15 | | revenue fund to the credit of the state infrastructure endowment |
|---|
| 16 | 16 | | fund an amount equal to one-quarter of one percent of all general |
|---|
| 17 | 17 | | revenue that: |
|---|
| 18 | 18 | | (1) came into the state treasury during the preceding |
|---|
| 19 | 19 | | state fiscal year; and |
|---|
| 20 | 20 | | (2) is not otherwise dedicated by or appropriated by |
|---|
| 21 | 21 | | this constitution. |
|---|
| 22 | 22 | | (c) Notwithstanding Subsection (b) of this section, the |
|---|
| 23 | 23 | | legislature by general law may provide for a percentage different |
|---|
| 24 | 24 | | from the percentage provided by that subsection. The percentage |
|---|
| 25 | 25 | | may not be less than one-quarter of one percent or more than one |
|---|
| 26 | 26 | | percent of the general revenue described by Subsection (b) of this |
|---|
| 27 | 27 | | section. |
|---|
| 28 | 28 | | (d) Except as provided by Subsection (f) of this section, |
|---|
| 29 | 29 | | money transferred to the credit of the state infrastructure |
|---|
| 30 | 30 | | endowment fund under this section and interest or other earnings on |
|---|
| 31 | 31 | | that money shall be administered, without further appropriation, by |
|---|
| 32 | 32 | | the Texas Treasury Safekeeping Trust Company or that company's |
|---|
| 33 | 33 | | successor in function and shall be used only to: |
|---|
| 34 | 34 | | (1) make payments of principal or interest on state |
|---|
| 35 | 35 | | bonds the proceeds of which were used to pay for projects to repair, |
|---|
| 36 | 36 | | renovate, rehabilitate, or construct state infrastructure other |
|---|
| 37 | 37 | | than transportation infrastructure and higher education |
|---|
| 38 | 38 | | facilities; or |
|---|
| 39 | 39 | | (2) make payments under a credit agreement related to |
|---|
| 40 | 40 | | bonds described by Subdivision (1) of this subsection. |
|---|
| 41 | 41 | | (e) For purposes of Subsection (d) of this section: |
|---|
| 42 | 42 | | (1) "Transportation infrastructure" means roads, |
|---|
| 43 | 43 | | streets, ways, bridges, or culverts. |
|---|
| 44 | 44 | | (2) "Higher education facilities" means property, |
|---|
| 45 | 45 | | buildings, structures, or other facilities used or intended to be |
|---|
| 46 | 46 | | used by a public institution of higher education. |
|---|
| 47 | 47 | | (f) The Texas Treasury Safekeeping Trust Company or that |
|---|
| 48 | 48 | | company's successor in function shall retain in the state |
|---|
| 49 | 49 | | infrastructure endowment fund a minimum balance of 95 percent of |
|---|
| 50 | 50 | | the corpus of the fund. |
|---|
| 51 | 51 | | (g) This subsection and Subsections (b) and (c) of this |
|---|
| 52 | 52 | | section expire August 31, 2027. |
|---|
| 53 | 53 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 54 | 54 | | submitted to the voters at an election to be held November 7, 2017. |
|---|
| 55 | 55 | | The ballot shall be printed to permit voting for or against the |
|---|
| 56 | 56 | | proposition: "The constitutional amendment to set aside general |
|---|
| 57 | 57 | | revenue as dedicated to pay for certain state infrastructure |
|---|
| 58 | 58 | | projects." |
|---|