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