| 1 | 1 | | 85R14669 JJT-D |
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| 2 | 2 | | By: Perry S.J.R. No. 59 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment to set aside money from the |
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| 7 | 7 | | economic stabilization fund and certain general revenue to pay for |
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| 8 | 8 | | certain state infrastructure projects and to create a state |
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| 9 | 9 | | infrastructure endowment fund for funding certain costs of those |
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| 10 | 10 | | projects. |
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| 11 | 11 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Article XVI, Texas Constitution, is amended by |
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| 13 | 13 | | adding Sections 77 and 78 to read as follows: |
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| 14 | 14 | | Sec. 77. (a) Not later than the 90th day of each state |
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| 15 | 15 | | fiscal year beginning with the state fiscal year 2019 and ending |
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| 16 | 16 | | with the state fiscal year 2029, the comptroller of public accounts |
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| 17 | 17 | | shall transfer from the state treasury to the credit of the state |
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| 18 | 18 | | infrastructure endowment fund an amount of general revenue equal to |
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| 19 | 19 | | one-quarter of one percent of all general revenue that: |
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| 20 | 20 | | (1) came into the state treasury during the preceding |
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| 21 | 21 | | state fiscal year; and |
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| 22 | 22 | | (2) is not otherwise dedicated or appropriated by this |
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| 23 | 23 | | constitution. |
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| 24 | 24 | | (b) The legislature by general law may provide for the |
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| 25 | 25 | | comptroller of public accounts to transfer in a state fiscal year |
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| 26 | 26 | | from the state treasury to the credit of the state infrastructure |
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| 27 | 27 | | endowment fund, together with the amount transferred to that fund |
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| 28 | 28 | | under Subsection (a) of this section, general revenue not otherwise |
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| 29 | 29 | | dedicated or appropriated by this constitution in an additional |
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| 30 | 30 | | amount that may not exceed three times the amount transferred to |
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| 31 | 31 | | that fund under Subsection (a) of this section for that state fiscal |
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| 32 | 32 | | year. |
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| 33 | 33 | | (c) As soon as practicable after the effective date of this |
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| 34 | 34 | | section, the comptroller of public accounts shall transfer from the |
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| 35 | 35 | | economic stabilization fund to the credit of the state |
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| 36 | 36 | | infrastructure endowment fund the amount of $1 billion. |
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| 37 | 37 | | (d) For the purposes of Section 22, Article VIII, of this |
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| 38 | 38 | | constitution, a transfer made under this section to the state |
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| 39 | 39 | | infrastructure endowment fund is not an appropriation of state tax |
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| 40 | 40 | | revenues. |
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| 41 | 41 | | (e) This section expires December 31, 2029. |
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| 42 | 42 | | Sec. 78. (a) The state infrastructure endowment fund is |
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| 43 | 43 | | created as a fund to be held outside of the state treasury and |
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| 44 | 44 | | administered by the comptroller of public accounts as trustee for |
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| 45 | 45 | | the purpose of paying the costs of state infrastructure as provided |
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| 46 | 46 | | by this section. |
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| 47 | 47 | | (b) Notwithstanding Subsection (a) of this section, the |
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| 48 | 48 | | comptroller of public accounts may transfer the state |
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| 49 | 49 | | infrastructure endowment fund and the comptroller's duties as |
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| 50 | 50 | | trustee to a special purpose trust company that, as provided by |
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| 51 | 51 | | general law, is incorporated by the comptroller. |
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| 52 | 52 | | (c) Money transferred to the credit of the state |
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| 53 | 53 | | infrastructure endowment fund and interest or other earnings on |
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| 54 | 54 | | that money may be used only to: |
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| 55 | 55 | | (1) pay for projects to repair, renovate, |
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| 56 | 56 | | rehabilitate, or construct state infrastructure other than |
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| 57 | 57 | | transportation infrastructure; |
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| 58 | 58 | | (2) make payments of principal or interest on state |
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| 59 | 59 | | general obligation bonds the proceeds of which were used to pay for |
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| 60 | 60 | | projects to repair, renovate, rehabilitate, or construct state |
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| 61 | 61 | | infrastructure other than transportation infrastructure; or |
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| 62 | 62 | | (3) make payments under a credit agreement or bond |
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| 63 | 63 | | enhancement agreement related to bonds described by Subdivision (2) |
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| 64 | 64 | | of this subsection. |
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| 65 | 65 | | (d) Notwithstanding Subsections (c), (e), and (f) of this |
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| 66 | 66 | | section, the $1 billion transferred to the state infrastructure |
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| 67 | 67 | | endowment fund under Subsection (c), Section 77, of this article, |
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| 68 | 68 | | may not be spent. That amount must be retained in the fund as |
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| 69 | 69 | | principal for the purpose of generating investment income for the |
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| 70 | 70 | | fund until September 1, 2029. On or after that date, all or part of |
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| 71 | 71 | | that principal may be returned to the economic stabilization fund |
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| 72 | 72 | | or transferred to the state treasury to be used for other purposes, |
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| 73 | 73 | | as directed by the legislature. |
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| 74 | 74 | | (e) The trustee of the state infrastructure endowment fund, |
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| 75 | 75 | | without the necessity of a legislative appropriation, may apply |
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| 76 | 76 | | available money from the fund toward payments described by |
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| 77 | 77 | | Subsection (c) of this section. The trustee may enter into bond |
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| 78 | 78 | | enhancement agreements to provide additional security for general |
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| 79 | 79 | | obligation bonds or revenue bonds the proceeds of which are used to |
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| 80 | 80 | | finance state infrastructure projects other than transportation |
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| 81 | 81 | | infrastructure projects. Bond enhancement agreements must be |
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| 82 | 82 | | payable solely from available money from the state infrastructure |
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| 83 | 83 | | endowment fund. The bond enhancement agreements may not exceed an |
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| 84 | 84 | | amount that can be fully supported by the state infrastructure |
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| 85 | 85 | | endowment fund. A bond enhancement agreement entered into under |
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| 86 | 86 | | this subsection may not provide for a duty to make a payment under |
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| 87 | 87 | | the agreement so as to constitute a constitutional state debt |
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| 88 | 88 | | payable from general revenues of the state. |
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| 89 | 89 | | (f) The trustee of the state infrastructure endowment fund |
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| 90 | 90 | | may use that fund to finance, including by direct loan, state |
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| 91 | 91 | | infrastructure projects. |
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| 92 | 92 | | (g) This section is self-executing, however the legislature |
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| 93 | 93 | | by general law may provide for criteria or procedures for the |
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| 94 | 94 | | trustee to use in determining the use of the state infrastructure |
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| 95 | 95 | | endowment fund's resources. |
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| 96 | 96 | | SECTION 2. This proposed constitutional amendment shall be |
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| 97 | 97 | | submitted to the voters at an election to be held November 7, 2017. |
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| 98 | 98 | | The ballot shall be printed to permit voting for or against the |
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| 99 | 99 | | proposition: "The constitutional amendment to set aside an amount |
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| 100 | 100 | | of money from the economic stabilization fund and certain general |
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| 101 | 101 | | revenue as dedicated to pay for certain state infrastructure |
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| 102 | 102 | | projects and to create a state infrastructure endowment fund |
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| 103 | 103 | | outside of the state treasury for funding certain costs of those |
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| 104 | 104 | | projects." |
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