| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment providing for the transfer of |
|
|
general revenue to the state highway fund and the economic |
|
|
stabilization fund and authorizing the payment from the state |
|
|
highway fund of the principal and interest on certain highway |
|
|
improvement bonds. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 49-g, Article III, Texas Constitution, |
|
|
is amended by amending Subsections (c), (d), and (e) and adding |
|
|
Subsection (p) to read as follows: |
|
|
(c) Not later than the 90th day of each fiscal year, the |
|
|
comptroller of public accounts shall transfer from general revenue |
|
|
to the economic stabilization fund and to the state highway fund the |
|
|
amounts prescribed by Subsections (d) and (e) of this section. |
|
|
However, [if necessary,] the comptroller shall: |
|
|
(1) if necessary, reduce proportionately the amounts |
|
|
transferred to the economic stabilization fund to prevent the |
|
|
amount in the fund from exceeding the limit in effect for that |
|
|
biennium under Subsection (g) of this section; and |
|
|
(2) transfer to the economic stabilization fund the |
|
|
amounts designated for transfer to the state highway fund if the |
|
|
balance of the economic stabilization fund is less than $7 billion. |
|
|
(d) If in the preceding year the state received from oil |
|
|
production taxes a net amount greater than the net amount of oil |
|
|
production taxes received by the state in the fiscal year ending |
|
|
August 31, 1987, the comptroller shall retain [transfer to the
|
|
|
economic stabilization fund] an amount equal to 25 [75] percent of |
|
|
the difference between those amounts as general revenue. Of the |
|
|
remaining 75 percent of the difference between those amounts, the |
|
|
[. The] comptroller shall transfer an amount equal to one-half to |
|
|
the economic stabilization fund and transfer an amount equal to |
|
|
one-half to the state highway fund [retain the remaining 25 percent
|
|
|
of the difference as general revenue]. In computing the net amount |
|
|
of oil production taxes received, the comptroller may not consider |
|
|
refunds paid as a result of oil overcharge litigation. |
|
|
(e) If in the preceding year the state received from gas |
|
|
production taxes a net amount greater than the net amount of gas |
|
|
production taxes received by the state in the fiscal year ending |
|
|
August 31, 1987, the comptroller shall retain [transfer to the
|
|
|
economic stabilization fund] an amount equal to 25 [75] percent of |
|
|
the difference between those amounts as general revenue. Of the |
|
|
remaining 75 percent of the difference between those amounts, the |
|
|
[. The] comptroller shall transfer an amount equal to one-half to |
|
|
the economic stabilization fund and transfer an amount equal to |
|
|
one-half to the state highway fund [retain the remaining 25 percent
|
|
|
of the difference as general revenue]. For the purposes of this |
|
|
subsection, the comptroller shall adjust the [his] computation of |
|
|
revenues to reflect only 12 months of collection. |
|
|
(p) Revenue transferred to the state highway fund under this |
|
|
section may be used only for constructing, maintaining, and |
|
|
acquiring right-of-way for public roadways. |
|
|
SECTION 2. Section 49-p, Article III, Texas Constitution, |
|
|
is amended by adding Subsection (e) to read as follows: |
|
|
(e) Money deposited to the credit of the state highway fund |
|
|
may be appropriated to repay the principal and interest on bonds |
|
|
issued under this section. |
|
|
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 83rd Legislature, |
|
|
1st Called Session, 2013, providing for the transfer of general |
|
|
revenue to the state highway fund and the economic stabilization |
|
|
fund and authorizing the payment from the state highway fund of the |
|
|
principal and interest on certain highway improvement bonds. |
|
|
(b) The amendment to Section 49-g, Article III, of this |
|
|
constitution takes effect January 1, 2014, and applies only to a |
|
|
transfer of revenue made by the comptroller of public accounts as |
|
|
provided by Subsection (d) or (e) of that section on or after |
|
|
January 1, 2014. |
|
|
(c) This temporary provision expires January 1, 2015. |
|
|
SECTION 4. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 5, 2013. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment providing for the |
|
|
transfer of general revenue to the state highway fund and the |
|
|
economic stabilization fund and authorizing the payment from the |
|
|
state highway fund of the principal and interest on certain highway |
|
|
improvement bonds." |