| 1 | 1 | | 85R14689 JJT-D |
|---|
| 2 | 2 | | By: Perry S.J.R. No. 58 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A JOINT RESOLUTION |
|---|
| 6 | 6 | | proposing a constitutional amendment to set aside money from the |
|---|
| 7 | 7 | | economic stabilization fund to pay for certain state infrastructure |
|---|
| 8 | 8 | | projects and to create a state infrastructure endowment fund for |
|---|
| 9 | 9 | | funding certain costs of those projects. |
|---|
| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Article XVI, Texas Constitution, is amended by |
|---|
| 12 | 12 | | adding Section 76 to read as follows: |
|---|
| 13 | 13 | | Sec. 76. (a) The state infrastructure endowment fund is |
|---|
| 14 | 14 | | created as a fund to be held outside of the state treasury and |
|---|
| 15 | 15 | | administered by the comptroller of public accounts as trustee for |
|---|
| 16 | 16 | | the purpose of paying the costs of state infrastructure as provided |
|---|
| 17 | 17 | | by this section. |
|---|
| 18 | 18 | | (b) Notwithstanding Subsection (a) of this section, the |
|---|
| 19 | 19 | | comptroller of public accounts may transfer the state |
|---|
| 20 | 20 | | infrastructure endowment fund and the comptroller's duties as |
|---|
| 21 | 21 | | trustee to a special purpose trust company that, as provided by |
|---|
| 22 | 22 | | general law, is incorporated by the comptroller. |
|---|
| 23 | 23 | | (c) Money transferred to the credit of the state |
|---|
| 24 | 24 | | infrastructure endowment fund and interest or other earnings on |
|---|
| 25 | 25 | | that money may be used only to: |
|---|
| 26 | 26 | | (1) make payments of principal or interest on state |
|---|
| 27 | 27 | | general obligation bonds the proceeds of which were used to pay for |
|---|
| 28 | 28 | | projects to repair, renovate, rehabilitate, or construct state |
|---|
| 29 | 29 | | infrastructure other than transportation infrastructure; or |
|---|
| 30 | 30 | | (2) make payments under a credit agreement or bond |
|---|
| 31 | 31 | | enhancement agreement related to bonds described by Subdivision (1) |
|---|
| 32 | 32 | | of this subsection. |
|---|
| 33 | 33 | | (d) As soon as practicable after the effective date of this |
|---|
| 34 | 34 | | section, the comptroller of public accounts shall transfer from the |
|---|
| 35 | 35 | | economic stabilization fund to the credit of the state |
|---|
| 36 | 36 | | infrastructure endowment fund the amount of $1 billion. For the |
|---|
| 37 | 37 | | purposes of Section 22, Article VIII, of this constitution, the |
|---|
| 38 | 38 | | transfer made under this subsection to the state infrastructure |
|---|
| 39 | 39 | | endowment fund is not an appropriation of state tax revenues. This |
|---|
| 40 | 40 | | subsection expires September 1, 2018. |
|---|
| 41 | 41 | | (e) The trustee of the state infrastructure endowment fund, |
|---|
| 42 | 42 | | without the necessity of a legislative appropriation, may apply |
|---|
| 43 | 43 | | available money from the fund toward payments described by |
|---|
| 44 | 44 | | Subsection (c) of this section. The trustee may enter into bond |
|---|
| 45 | 45 | | enhancement agreements to provide additional security for general |
|---|
| 46 | 46 | | obligation bonds or revenue bonds the proceeds of which are used to |
|---|
| 47 | 47 | | finance state infrastructure projects other than transportation |
|---|
| 48 | 48 | | infrastructure projects. Bond enhancement agreements must be |
|---|
| 49 | 49 | | payable solely from available money from the state infrastructure |
|---|
| 50 | 50 | | endowment fund. The bond enhancement agreements may not exceed an |
|---|
| 51 | 51 | | amount that can be fully supported by the state infrastructure |
|---|
| 52 | 52 | | endowment fund. A bond enhancement agreement entered into under |
|---|
| 53 | 53 | | this subsection may not provide for a duty to make a payment under |
|---|
| 54 | 54 | | the agreement so as to constitute a constitutional state debt |
|---|
| 55 | 55 | | payable from general revenues of the state. |
|---|
| 56 | 56 | | (f) This section is self-executing, however the legislature |
|---|
| 57 | 57 | | by general law may provide for criteria or procedures for the |
|---|
| 58 | 58 | | trustee to use in determining the use of the state infrastructure |
|---|
| 59 | 59 | | endowment fund's resources. |
|---|
| 60 | 60 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 61 | 61 | | submitted to the voters at an election to be held November 7, 2017. |
|---|
| 62 | 62 | | The ballot shall be printed to permit voting for or against the |
|---|
| 63 | 63 | | proposition: "The constitutional amendment to set aside an amount |
|---|
| 64 | 64 | | of money from the economic stabilization fund as dedicated to pay |
|---|
| 65 | 65 | | for certain state infrastructure projects and to create a state |
|---|
| 66 | 66 | | infrastructure endowment fund outside of the state treasury for |
|---|
| 67 | 67 | | funding certain costs of those projects." |
|---|