85R14689 JJT-D
By: Perry S.J.R. No. 58
A JOINT RESOLUTION
proposing a constitutional amendment to set aside money from the
economic stabilization fund to pay for certain state infrastructure
projects and to create a state infrastructure endowment fund for
funding certain costs of those projects.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article XVI, Texas Constitution, is amended by
adding Section 76 to read as follows:
Sec. 76. (a) The state infrastructure endowment fund is
created as a fund to be held outside of the state treasury and
administered by the comptroller of public accounts as trustee for
the purpose of paying the costs of state infrastructure as provided
by this section.
(b) Notwithstanding Subsection (a) of this section, the
comptroller of public accounts may transfer the state
infrastructure endowment fund and the comptroller's duties as
trustee to a special purpose trust company that, as provided by
general law, is incorporated by the comptroller.
(c) Money transferred to the credit of the state
infrastructure endowment fund and interest or other earnings on
that money may be used only to:
(1) make payments of principal or interest on state
general obligation bonds the proceeds of which were used to pay for
projects to repair, renovate, rehabilitate, or construct state
infrastructure other than transportation infrastructure; or
(2) make payments under a credit agreement or bond
enhancement agreement related to bonds described by Subdivision (1)
of this subsection.
(d) As soon as practicable after the effective date of this
section, the comptroller of public accounts shall transfer from the
economic stabilization fund to the credit of the state
infrastructure endowment fund the amount of $1 billion. For the
purposes of Section 22, Article VIII, of this constitution, the
transfer made under this subsection to the state infrastructure
endowment fund is not an appropriation of state tax revenues. This
subsection expires September 1, 2018.
(e) The trustee of the state infrastructure endowment fund,
without the necessity of a legislative appropriation, may apply
available money from the fund toward payments described by
Subsection (c) of this section. 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 state infrastructure
endowment fund. The bond enhancement agreements may not exceed an
amount that can be fully supported by the state infrastructure
endowment 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.
(f) This section is self-executing, however the legislature
by general law may provide for criteria or procedures for the
trustee to use in determining the use of the state infrastructure
endowment fund's resources.
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 an amount
of money from the economic stabilization fund as dedicated to pay
for certain state infrastructure projects and to create a state
infrastructure endowment fund outside of the state treasury for
funding certain costs of those projects."