Texas 2023 - 88th Regular

Texas House Bill HJR203 Compare Versions

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1	1	88R13554 KBB-F
2	2	By: Howard H.J.R. No. 203
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment providing for the creation of
7	7	the Texas legacy fund and the Texas legacy distribution fund,
8	8	dedicating the Texas legacy distribution fund to certain state
9	9	infrastructure projects or the reduction of certain long-term
10	10	obligations, and providing for the transfer of certain general
11	11	revenues to the economic stabilization fund, the Texas legacy fund,
12	12	and the state highway fund.
13	13	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	14	SECTION 1. Section 49-g, Article III, Texas Constitution,
15	15	is amended by adding Subsections (a-1), (a-2), (b-1), and (b-2) and
16	16	amending Subsections (b), (c), (c-1), (c-2), and (i) to read as
17	17	follows:
18	18	(a-1) The comptroller of public accounts shall invest the
19	19	economic stabilization fund as provided by general law. The
20	20	expenses of managing the investments of the fund are paid from the
21	21	fund without appropriation. The comptroller shall credit to the
22	22	fund the interest and other earnings attributable to the investment
23	23	of money in the fund, subject to the limit in effect under
24	24	Subsection (g) of this section.
25	25	(a-2) For the purposes of allocating amounts to be
26	26	transferred as provided by this section, the legislature by general
27	27	law shall determine a sufficient balance of the economic
28	28	stabilization fund or a method to determine that sufficient
29	29	balance.
30	30	(b) The comptroller of public accounts shall, not later than
31	31	the 90th day of each biennium, transfer from the general revenue
32	32	fund to the economic stabilization fund and the Texas legacy fund a
33	33	total amount equal to one-half of any unencumbered positive balance
34	34	of general revenues on the last day of the preceding biennium and
35	35	allocate that amount as provided by Subsections (b-1) and (b-2) of
36	36	this section. However, if [If] necessary and notwithstanding the
37	37	allocations prescribed by Subsection (b-2) of this section, the
38	38	comptroller shall reduce the amount to be transferred to the
39	39	economic stabilization fund under that subsection in proportion to
40	40	the other amounts prescribed by this section to prevent the amount
41	41	in the fund from exceeding the limit in effect for that biennium
42	42	under Subsection (g) of this section.
43	43	(b-1) If at the time the comptroller of public accounts
44	44	makes the transfer under Subsection (b) of this section the
45	45	unappropriated balance of the economic stabilization fund is equal
46	46	to or greater than the sufficient balance as determined in
47	47	accordance with Subsection (a-2) of this section, the comptroller
48	48	shall allocate to the Texas legacy fund the total amount required to
49	49	be transferred as prescribed by Subsection (b) of this section.
50	50	(b-2) If at the time the comptroller of public accounts
51	51	makes the transfer under Subsection (b) of this section the
52	52	unappropriated balance of the economic stabilization fund is less
53	53	than the sufficient balance as determined in accordance with
54	54	Subsection (a-2) of this section, in making the transfer, the
55	55	comptroller shall allocate:
56	56	(1) to the economic stabilization fund an amount equal
57	57	to the lesser of:
58	58	(A) the amount necessary to make the
59	59	unappropriated balance of the economic stabilization fund equal to
60	60	the sufficient balance; and
61	61	(B) the total amount required to be transferred
62	62	as prescribed by Subsection (b) of this section; and
63	63	(2) to the Texas legacy fund an amount equal to the
64	64	remainder, if any, of the total amount required to be transferred as
65	65	prescribed by Subsection (b) of this section after making the
66	66	allocation under Subdivision (1) of this subsection.
67	67	(c) Not later than the 90th day of each fiscal year, the
68	68	comptroller of public accounts shall transfer from the general
69	69	revenue fund to the economic stabilization fund, the Texas legacy
70	70	fund, and the state highway fund the sum of the amounts described by
71	71	Subsections (d) and (e) of this section and allocate those
72	72	amounts[, to be allocated] as provided by Subsections (c-1) and
73	73	(c-2) of this section. However, if necessary and notwithstanding
74	74	the allocations prescribed by Subsection [Subsections (c-1) and]
75	75	(c-2) of this section, the comptroller shall reduce proportionately
76	76	the amounts [described by Subsections (d) and (e) of this section]
77	77	to be transferred and allocated to the economic stabilization fund
78	78	under that subsection to prevent the amount in that fund from
79	79	exceeding the limit in effect for that biennium under Subsection
80	80	(g) of this section. Revenue transferred to the state highway fund
81	81	under this subsection may be used only for constructing,
82	82	maintaining, and acquiring rights-of-way for public roadways other
83	83	than toll roads.
84	84	(c-1) Of the sum of the amounts described by Subsections (d)
85	85	and (e) of this section and required to be transferred from the
86	86	general revenue fund under Subsection (c) of this section, the
87	87	comptroller of public accounts shall allocate one-half to the Texas
88	88	legacy [economic stabilization] fund and the remainder to the state
89	89	highway fund, except as provided by Subsection (c-2) of this
90	90	section.
91	91	(c-2) The legislature by general law shall provide for a
92	92	procedure by which, notwithstanding Subsection (c-1) of this
93	93	section, the allocation of the total amount required to be
94	94	transferred as prescribed by Subsection (c) [sum of the amounts
95	95	described by Subsections (d) and (e)] of this section may be
96	96	adjusted to provide for an allocation for [a] transfer to the
97	97	economic stabilization fund of an amount determined under general
98	98	law, [greater than the allocation provided for under Subsection
99	99	(c-1) of this section] with the remainder of that total amount
100	100	[sum], if any, allocated for transfer to the Texas legacy fund and
101	101	the state highway fund as provided by general law. The allocation
102	102	made as provided by that general law is binding on the comptroller
103	103	of public accounts for the purposes of the transfers required by
104	104	Subsection (c) of this section.
105	105	(i) The comptroller of public accounts shall credit to the
106	106	Texas legacy fund any [general revenue] interest due to the
107	107	economic stabilization fund that would result in an amount in the
108	108	economic stabilization fund that exceeds the limit in effect under
109	109	Subsection (g) of this section.
110	110	SECTION 2. Article III, Texas Constitution, is amended by
111	111	adding Section 49-g-1 to read as follows:
112	112	Sec. 49-g-1. (a) The Texas legacy fund is established as a
113	113	special fund in the state treasury.
114	114	(b) The comptroller of public accounts shall invest the
115	115	Texas legacy fund as provided by general law. The expenses of
116	116	managing the investments of the fund are paid from the fund without
117	117	appropriation. The comptroller shall credit to the fund the
118	118	interest and other earnings attributable to the investment of money
119	119	in the fund, subject to any transfer to the Texas legacy
120	120	distribution fund made in accordance with Subsection (e) of this
121	121	section.
122	122	(c) The legislature may appropriate money to the Texas
123	123	legacy fund in addition to money transferred to the fund under
124	124	Section 49-g of this article.
125	125	(d) The legislature may not appropriate money from the Texas
126	126	legacy fund.
127	127	(e) Each fiscal year, the comptroller of public accounts
128	128	shall transfer a portion of the accumulated interest and other
129	129	earnings credited to the Texas legacy fund from the Texas legacy
130	130	fund to the Texas legacy distribution fund. In making a transfer,
131	131	the comptroller shall determine the amount of the transfer in a
132	132	manner to provide a stable and predictable stream of annual
133	133	transfers while preserving over time the purchasing power of the
134	134	principal amount of the Texas legacy fund. If the comptroller
135	135	determines that the purchasing power of the principal amount of the
136	136	Texas legacy fund has diminished when computed for any 10-year
137	137	period, the comptroller may reduce the amount of the annual
138	138	transfers from the Texas legacy fund to the Texas legacy
139	139	distribution fund and retain a greater portion of the interest and
140	140	earnings on the principal in the Texas legacy fund so that the
141	141	purchasing power of that fund's principal is restored.
142	142	SECTION 3. Article III, Texas Constitution, is amended by
143	143	adding Section 49-g-2 to read as follows:
144	144	Sec. 49-g-2. (a) The Texas legacy distribution fund is
145	145	established as a special fund in the state treasury.
146	146	(b) The comptroller of public accounts shall invest the
147	147	Texas legacy distribution fund as provided by general law. The
148	148	expenses of managing the investments of the fund are paid from the
149	149	fund without appropriation. The comptroller shall credit to the
150	150	fund the interest and other earnings attributable to the investment
151	151	of money in the fund.
152	152	(c) The legislature may appropriate money to the Texas
153	153	legacy distribution fund in addition to money transferred to the
154	154	fund under Section 49-g-1 of this article.
155	155	(d) The legislature may appropriate money from the Texas
156	156	legacy distribution fund only to pay for unfunded actuarial
157	157	liabilities of the Employees Retirement System of Texas or the
158	158	Teacher Retirement System of Texas, notwithstanding the limitation
159	159	on contributions otherwise provided by Section 67(b), Article XVI,
160	160	of this constitution.
161	161	(e) In determining the rate of growth of appropriations from
162	162	state tax revenues not dedicated by this constitution for purposes
163	163	of Section 22, Article VIII, of this constitution, an appropriation
164	164	of money from the Texas legacy distribution fund for a purpose
165	165	described by Subsection (d) of this section shall be excluded
166	166	regardless of the source of the revenues appropriated.
167	167	SECTION 4. The following temporary provision is added to
168	168	the Texas Constitution:
169	169	TEMPORARY PROVISION. (a) This temporary provision applies
170	170	to the constitutional amendment proposed by the 88th Legislature,
171	171	Regular Session, 2023, providing for the creation of the Texas
172	172	legacy fund and the Texas legacy distribution fund, dedicating the
173	173	Texas legacy distribution fund to certain state infrastructure
174	174	projects or the reduction of certain long-term obligations, and
175	175	providing for the transfer of certain general revenues to the
176	176	economic stabilization fund, the Texas legacy fund, and the state
177	177	highway fund.
178	178	(b) Sections 49-g-1 and 49-g-2, Article III, of this
179	179	constitution, as added by the amendment, and the amendment to
180	180	Section 49-g, Article III, of this constitution, take effect
181	181	January 1, 2024.
182	182	(c) As soon as practicable after the effective date of the
183	183	amendment adding Sections 49-g-1 and 49-g-2 to Article III of this
184	184	constitution, the comptroller of public accounts shall establish
185	185	the Texas legacy fund and the Texas legacy distribution fund as
186	186	provided by those sections. The comptroller shall transfer from
187	187	the economic stabilization fund the amount of $500 million as the
188	188	principal balance of the Texas legacy fund.
189	189	(d) As soon as practicable after the effective date of the
190	190	amendment, the comptroller of public accounts shall invest the
191	191	economic stabilization fund, the Texas legacy fund, and the Texas
192	192	legacy distribution fund as provided by general law.
193	193	(e) This temporary provision expires January 1, 2025.
194	194	SECTION 5. This proposed constitutional amendment shall be
195	195	submitted to the voters at an election to be held November 7, 2023.
196	196	The ballot shall be printed to permit voting for or against the
197	197	proposition: "The constitutional amendment providing for the
198	198	creation of the Texas legacy fund and the Texas legacy distribution
199	199	fund, dedicating the Texas legacy distribution fund to certain
200	200	state infrastructure projects or the reduction of certain long-term
201	201	obligations, and providing for the transfer of certain general
202	202	revenues to the economic stabilization fund, the Texas legacy fund,
203	203	and the state highway fund."