Texas 2019 - 86th Regular

Texas Senate Bill SB2418 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	By: Nichols S.B. No. 2418
2	2
3	3
4	4	A BILL TO BE ENTITLED
5	5	AN ACT
6	6	relating to the determination of the sufficient balance within the
7	7	economic stabilization fund and to the adjustment of allocations of
8	8	amounts to be transferred to the economic stabilization fund and
9	9	the state highway fund under Section 49-g, Article III, Texas
10	10	Constitution.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. The heading to Subchapter H, Chapter 316,
13	13	Government Code, is amended to read as follows:
14	14	SUBCHAPTER H. ALLOCATION OF TRANSFERS TO [PRESERVATION OF
15	15	SUFFICIENT BALANCE IN] ECONOMIC STABILIZATION FUND AND STATE
16	16	HIGHWAY FUND
17	17	SECTION 2. Sections 316.093(a) and (b), Government Code,
18	18	are amended to read as follows:
19	19	(a) Before the comptroller makes transfers for a state
20	20	fiscal year in accordance with Section 49-g(c), Article III, Texas
21	21	Constitution, the comptroller shall determine whether the sum of
22	22	the balance of the fund on the preceding August 31, any projected
23	23	transfer to the fund under Section 49-g(b) of that article, and any
24	24	projected transfer to the fund under Section 49-g(c) of that
25	25	article in accordance with the allocations for the transfer as
26	26	provided by Section 49-g(c-1) of that article is less than the
27	27	sufficient balance adopted under Section 404.074 for that state
28	28	fiscal biennium [316.092].
29	29	(b) If the sum described by Subsection (a) is less than the
30	30	sufficient balance adopted under Section 404.074 for that state
31	31	fiscal biennium [316.092], the comptroller shall reduce the
32	32	allocation to the state highway fund provided by Section 49-g(c),
33	33	Article III, Texas Constitution, and increase the allocation to the
34	34	economic stabilization fund, in an equal amount, until the
35	35	sufficient balance adopted under Section 404.074 for that state
36	36	fiscal biennium would be [316.092 is] achieved by the transfer to
37	37	the fund or the total amount of the sum described by Section
38	38	49-g(c), Article III, Texas Constitution, is allocated to the fund,
39	39	whichever occurs first.
40	40	SECTION 3. Section 404.0241(a), Government Code, is amended
41	41	to read as follows:
42	42	(a) The comptroller shall invest a percentage of the
43	43	economic stabilization fund balance in a state fiscal biennium that
44	44	exceeds the amount of the sufficient balance of the fund adopted
45	45	under Section 404.074 [316.092] for that biennium in accordance
46	46	with the investment standard described by Section 404.024(j). The
47	47	comptroller's investment of that percentage of the excess balance
48	48	is not subject to any other limitation or other requirement
49	49	provided by Section 404.024.
50	50	SECTION 4. Subchapter E, Chapter 404, Government Code, is
51	51	amended by adding Section 404.074 to read as follows:
52	52	Sec. 404.074. SUFFICIENT BALANCE OF ECONOMIC STABILIZATION
53	53	FUND. For the purpose of adjusting the allocation of transfers in
54	54	accordance with Section 49-g(c-2), Article III, Texas
55	55	Constitution, not later than December 1 of each even-numbered year,
56	56	the comptroller shall determine and adopt for the next state fiscal
57	57	biennium the amount of the sufficient balance of the economic
58	58	stabilization fund. The amount of the sufficient balance is equal
59	59	to six and three quarters percent of the sum of general revenue and
60	60	general revenue-dedicated funds appropriated in the most recent
61	61	General Appropriations Act.
62	62	SECTION 5. The following provisions of the Government Code
63	63	are repealed:
64	64	(1) Section 316.092;
65	65	(2) Sections 316.093(c), (e), and (f); and
66	66	(3) Section 404.0241(d).
67	67	SECTION 6. Sections 316.093(a) and (b), Government Code, as
68	68	amended by this Act, apply only to a transfer and allocation of
69	69	money to the economic stabilization fund and state highway fund
70	70	under Sections 49-g(c) and (c-1), Article III, Texas Constitution,
71	71	made in a state fiscal year beginning on or after September 1, 2021.
72	72	A transfer and allocation of money to the economic stabilization
73	73	fund and state highway fund under Sections 49-g(c) and (c-1),
74	74	Article III, Texas Constitution, made in a state fiscal year
75	75	beginning before that date is governed by the law in effect
76	76	immediately before the effective date of this Act, and the former
77	77	law is continued in effect for that purpose.
78	78	SECTION 7. Section 404.0241(a), Government Code, as amended
79	79	by this Act, applies only to the investment of economic
80	80	stabilization fund money in a state fiscal biennium beginning on or
81	81	after September 1, 2021. The investment of economic stabilization
82	82	fund money in a state fiscal biennium beginning before that date is
83	83	governed by the law in effect immediately before the effective date
84	84	of this Act, and the former law is continued in effect for that
85	85	purpose.
86	86	SECTION 8. This Act takes effect September 1, 2019.