85R14669 JJT-D
By: Perry S.J.R. No. 59
A JOINT RESOLUTION
proposing a constitutional amendment to set aside money from the
economic stabilization fund and certain general revenue 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 Sections 77 and 78 to read as follows:
Sec. 77. (a) Not later than the 90th day of each state
fiscal year beginning with the state fiscal year 2019 and ending
with the state fiscal year 2029, the comptroller of public accounts
shall transfer from the state treasury to the credit of the state
infrastructure endowment fund an amount of general revenue 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 or appropriated by this
constitution.
(b) The legislature by general law may provide for the
comptroller of public accounts to transfer in a state fiscal year
from the state treasury to the credit of the state infrastructure
endowment fund, together with the amount transferred to that fund
under Subsection (a) of this section, general revenue not otherwise
dedicated or appropriated by this constitution in an additional
amount that may not exceed three times the amount transferred to
that fund under Subsection (a) of this section for that state fiscal
year.
(c) 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.
(d) For the purposes of Section 22, Article VIII, of this
constitution, a transfer made under this section to the state
infrastructure endowment fund is not an appropriation of state tax
revenues.
(e) This section expires December 31, 2029.
Sec. 78. (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) pay for projects to repair, renovate,
rehabilitate, or construct state infrastructure other than
transportation infrastructure;
(2) 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
(3) make payments under a credit agreement or bond
enhancement agreement related to bonds described by Subdivision (2)
of this subsection.
(d) Notwithstanding Subsections (c), (e), and (f) of this
section, the $1 billion transferred to the state infrastructure
endowment fund under Subsection (c), Section 77, of this article,
may not be spent. That amount must be retained in the fund as
principal for the purpose of generating investment income for the
fund until September 1, 2029. On or after that date, all or part of
that principal may be returned to the economic stabilization fund
or transferred to the state treasury to be used for other purposes,
as directed by the legislature.
(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) The trustee of the state infrastructure endowment fund
may use that fund to finance, including by direct loan, state
infrastructure projects.
(g) 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 and certain general
revenue 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."