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A JOINT RESOLUTION
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proposing a constitutional amendment to provide for the transfer of |
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certain general revenue to the state highway fund and the economic |
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stabilization fund and to authorize the payment from the state |
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highway fund of the principal and interest on certain highway |
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improvement bonds. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 49-g(c), (d), and (e), Article III, |
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Texas Constitution, are amended to read as follows: |
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(c) Not later than the 90th day of each fiscal year, the |
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comptroller of public accounts shall transfer from general revenue |
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to the economic stabilization fund and to the state highway fund the |
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amounts prescribed by Subsections (d) and (e) of this section. |
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However, if necessary, the comptroller shall reduce |
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proportionately the amounts transferred to the economic |
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stabilization fund to prevent the amount in the fund from exceeding |
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the limit in effect for that biennium under Subsection (g) of this |
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section. |
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(d) If in the preceding year the state received from oil |
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production taxes a net amount greater than the net amount of oil |
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production taxes received by the state in the fiscal year ending |
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August 31, 1987, the comptroller shall retain [transfer to the
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economic stabilization fund] an amount equal to 25 [75] percent of |
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the difference between those amounts as general revenue. Of the |
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remaining 75 percent of the difference between those amounts, the |
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[. The] comptroller shall transfer an amount equal to one-half to |
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the economic stabilization fund and transfer an amount equal to |
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one-half to the state highway fund [retain the remaining 25 percent
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of the difference as general revenue]. In computing the net amount |
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of oil production taxes received, the comptroller may not consider |
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refunds paid as a result of oil overcharge litigation. |
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(e) If in the preceding year the state received from gas |
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production taxes a net amount greater than the net amount of gas |
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production taxes received by the state in the fiscal year ending |
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August 31, 1987, the comptroller shall retain [transfer to the
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economic stabilization fund] an amount equal to 25 [75] percent of |
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the difference between those amounts as general revenue. Of the |
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remaining 75 percent of the difference between those amounts, the |
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[. The] comptroller shall transfer an amount equal to one-half to |
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the economic stabilization fund and transfer an amount equal to |
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one-half to the state highway fund [retain the remaining 25 percent
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of the difference as general revenue]. For the purposes of this |
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subsection, the comptroller shall adjust the [his] computation of |
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revenues to reflect only 12 months of collection. |
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SECTION 2. Section 49-p, Article III, Texas Constitution, |
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is amended by adding Subsection (e) to read as follows: |
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(e) Money deposited to the credit of the state highway fund |
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may be appropriated to repay the principal and interest on bonds |
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issued under this section. |
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SECTION 3. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies to |
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the constitutional amendment proposed by the 83rd Legislature, 1st |
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Called Session, 2013, to provide for the transfer of certain |
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general revenue to the state highway fund and the economic |
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stabilization fund and to authorize the payment from the state |
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highway fund of the principal and interest on certain highway |
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improvement bonds. |
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(b) The amendment to Section 49-g, Article III, of this |
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constitution takes effect January 1, 2014, and applies only to a |
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transfer of revenue made by the comptroller of public accounts as |
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provided by Subsection (d) or (e) of that section on or after |
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January 1, 2014. |
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(c) This temporary provision expires January 1, 2015. |
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SECTION 4. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 5, 2013. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to provide for the |
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transfer of certain general revenue to the state highway fund and |
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the economic stabilization fund and to authorize the payment from |
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the state highway fund of the principal and interest on certain |
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highway improvement bonds." |