Bill Text: TX SJR1 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Proposing a constitutional amendment to authorize the legislature to provide for a transfer of economic stabilization fund investment earnings to a special endowment fund in the state treasury.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2019-02-01 - Referred to Finance [SJR1 Detail]
Download: Texas-2019-SJR1-Introduced.html
| 86R3018 JJT-D | ||
| By: Nelson | S.J.R. No. 1 | |
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| proposing a constitutional amendment to authorize the legislature | ||
| to provide for a transfer of economic stabilization fund investment | ||
| earnings to a special endowment fund in the state treasury. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 49-g(i), Article III, Texas | ||
| Constitution, is amended to read as follows: | ||
| (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 | ||
| limit in effect under Subsection (g) of this section. The | ||
| legislature by general law may authorize the comptroller to | ||
| transfer economic stabilization fund investment earnings to the | ||
| principal balance of a special fund that is established in the state | ||
| treasury as an endowment to provide investment returns as an | ||
| additional resource to finance state spending priorities. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 5, 2019. | ||
| The ballot shall be printed to provide for voting for or against the | ||
| proposition: "The constitutional amendment to authorize the | ||
| legislature to provide for a transfer of economic stabilization | ||
| fund investment earnings to a special endowment fund in the state | ||
| treasury." | ||
