TITLE: Proposing a constitutional amendment to set aside general revenue as dedicated to pay for certain state infrastructure projects.

SUMMARY: Proposing a constitutional amendment to set aside general revenue as dedicated to pay for certain state infrastructure projects.

FULL TEXT:
85(R) SJR 46-Introduced version-Bill Text 2017S0368-1 03/02/17 By: Perry S.J.R. No. 46 JOINT RESOLUTION proposing a constitutional amendment to set aside general revenue as dedicated to pay for certain state infrastructure projects. BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Article III, Texas Constitution, is amended by adding Section 50-h to read as follows: Sec. 50-h. (a) The state infrastructure endowment fund is a fund created outside the state treasury. (b) Not later than the 90th day of each state fiscal year, the comptroller of public accounts shall transfer from the general revenue fund to the credit of the state infrastructure endowment fund an amount 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 by or appropriated by this constitution. (c) Notwithstanding Subsection (b) of this section, the legislature by general law may provide for a percentage different from the percentage provided by that subsection. The percentage may not be less than one-quarter of one percent or more than one percent of the general revenue described by Subsection (b) of this section. (d) Except as provided by Subsection (f) of this section, money transferred to the credit of the state infrastructure endowment fund under this section and interest or other earnings on that money shall be administered, without further appropriation, by the Texas Treasury Safekeeping Trust Company or that company's successor in function and shall be used only to: (1) make payments of principal or interest on state bonds the proceeds of which were used to pay for projects to repair, renovate, rehabilitate, or construct state infrastructure other than transportation infrastructure and higher education facilities; or (2) make payments under a credit agreement related to bonds described by Subdivision (1) of this subsection. (e) For purposes of Subsection (d) of this section: (1) "Transportation infrastructure" means roads, streets, ways, bridges, or culverts. (2) "Higher education facilities" means property, buildings, structures, or other facilities used or intended to be used by a public institution of higher education. (f) The Texas Treasury Safekeeping Trust Company or that company's successor in function shall retain in the state infrastructure endowment fund a minimum balance of 95 percent of the corpus of the fund. (g) This subsection and Subsections (b) and (c) of this section expire August 31, 2027. 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 general revenue as dedicated to pay for certain state infrastructure projects."