88R9276 KBB-D
By: Schwertner S.J.R. No. 56
A JOINT RESOLUTION
proposing a constitutional amendment to raise the maximum allowable
amount of money in the economic stabilization fund and provide that
certain income from investments of that fund is to be retained in
that fund.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 49-g(g) and (i), Article III, Texas
Constitution, are amended to read as follows:
(g) During each fiscal biennium, the amount in the economic
stabilization fund, other than investment income credited to the
fund under Subsection (i) of this section, may not exceed an amount
equal to 15 [10] percent of the total amount, excluding investment
income, interest income, and amounts borrowed from special funds,
deposited in general revenue during the preceding biennium.
(i) The comptroller shall credit to general revenue
interest due to the economic stabilization fund that would result
in an amount in the economic stabilization fund that exceeds the
maximum amount provided by [limit in effect under] Subsection (g)
of this section. The comptroller shall credit to the economic
stabilization fund investment income due from the investment of
amounts in the fund, other than interest income, irrespective of
the maximum amount otherwise provided by Subsection (g) of this
section.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to raise the maximum
allowable amount of money in the economic stabilization fund and
provide that certain income from investments of that fund is to be
retained in that fund."