86R11490 CJC-D
By: Craddick H.J.R. No. 82
A JOINT RESOLUTION
proposing a constitutional amendment providing for the creation of
and use of money in the generate recurring oil wealth for Texas
(GROW Texas) fund and allocating certain general revenues to that
fund, the economic stabilization fund, and the state highway fund.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 49-g(c), (c-1), and (c-2), Article III,
Texas Constitution, are amended to read as follows:
(c) Not later than the 90th day of each fiscal year, the
comptroller of public accounts shall transfer from the general
revenue fund to the economic stabilization fund, [and] the state
highway fund, and the generate recurring oil wealth for Texas (GROW
Texas) fund the sum of the amounts described by Subsections (d) and
(e) of this section, to be allocated as provided by Subsections
(c-1) and (c-2) of this section. However, if necessary and
notwithstanding the allocations prescribed by Subsections (c-1)
and (c-2) of this section, the comptroller shall reduce
proportionately the amounts described by Subsections (d) and (e) of
this section to be transferred and allocated to the economic
stabilization fund to prevent the amount in that fund from
exceeding the limit in effect for that biennium under Subsection
(g) of this section. Revenue transferred to the state highway fund
under this subsection may be used only for constructing,
maintaining, and acquiring rights-of-way for public roadways other
than toll roads.
(c-1) Except as provided by Subsection (c-2) of this
section, the comptroller shall allocate [Of] the sum of the amounts
described by Subsections (d) and (e) of this section and required to
be transferred from the general revenue fund under Subsection (c)
of this section as follows:
(1) 38 percent[, the comptroller shall allocate
one-half] to the economic stabilization fund;
(2) 12 percent to the generate recurring oil wealth
for Texas (GROW Texas) fund; and
(3) the remainder to the state highway fund[, except
as provided by Subsection (c-2) of this section].
(c-2) The legislature by general law shall provide for a
procedure by which the allocation prescribed by Subsection (c-1)
[of the sum of the amounts described by Subsections (d) and (e)] of
this section may be adjusted to provide for a transfer to the
economic stabilization fund of an amount greater than the
allocation provided for under that subsection [Subsection (c-1) of
this section] with the remainder of that sum, if any, allocated for
transfer to the state highway fund and the generate recurring oil
wealth for Texas (GROW Texas) fund as provided by general law. The
allocation made as provided by that general law is binding on the
comptroller for the purposes of the transfers required by
Subsection (c) of this section.
SECTION 2. Article III, Texas Constitution, is amended by
adding Section 49-g-3 to read as follows:
Sec. 49-g-3. (a) The generate recurring oil wealth for
Texas (GROW Texas) fund is established as a fund in the state
treasury.
(b) The generate recurring oil wealth for Texas (GROW Texas)
fund consists of:
(1) money transferred to the fund under Section 49-g
of this article;
(2) money appropriated to the fund by the legislature;
(3) money that the legislature by statute dedicates
for deposit to the credit of the fund;
(4) gifts or grants contributed to the fund; and
(5) investment earnings and interest earned on amounts
credited to the fund.
(c) The legislature may appropriate money from the generate
recurring oil wealth for Texas (GROW Texas) fund only for use in
areas of the state from which oil and gas are produced and only for
the following purposes:
(1) to construct, maintain, or improve public roadways
and related infrastructure;
(2) to address public safety concerns relating to
public roadways, including concerns resulting from the increased
amount of traffic on those roadways; and
(3) to fund grants to state agencies and political
subdivisions of the state to address public safety concerns and
supplement educational opportunities.
SECTION 3. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the constitutional amendment proposed by the 86th Legislature,
Regular Session, 2019, providing for the creation of the generate
recurring oil wealth for Texas (GROW Texas) fund, dedicating the
money in that fund to benefit areas of the state from which oil and
gas are produced, and providing for the transfer of certain general
revenues to that fund, the economic stabilization fund, and the
state highway fund.
(b) Section 49-g-3, Article III, of this constitution, as
added by the amendment, and the amendment to Section 49-g, Article
III, of this constitution, take effect January 1, 2020.
(c) This temporary provision expires January 1, 2021.
SECTION 4. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2019.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for the
creation of the generate recurring oil wealth for Texas (GROW
Texas) fund, dedicating the money in that fund to benefit areas of
the state from which oil and gas are produced, and providing for the
transfer of certain general revenues to that fund, the economic
stabilization fund, and the state highway fund."