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  By: Williams  S.J.R. No. 1
         (In the Senate - Filed April 10, 2013; April 10, 2013, read
  first time and referred to Committee on Finance; April 11, 2013,
  reported favorably by the following vote:  Yeas 15, Nays 0;
  April 11, 2013, sent to printer.)
 
 
SENATE JOINT RESOLUTION
 
  proposing a constitutional amendment providing for the creation and
  use of funds in the state treasury to provide financial assistance
  for certain projects related to economic development and water
  infrastructure and for the transfer to the funds of money from the
  economic stabilization fund.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 49-d-12 to read as follows:
         Sec. 49-d-12.  (a)  The state water implementation fund for
  Texas is created as a special fund in the state treasury outside the
  general revenue fund to provide a means to finance water
  infrastructure projects in this state.
         (b)  Money or other assets in the state water implementation
  fund for Texas may be used only to fund water infrastructure
  projects included in a statewide water plan that is adopted as
  required by general law by the Texas Water Development Board or that
  board's successor in function.
         (c)  The state water implementation fund for Texas consists
  of:
               (1)  money or other assets deposited, appropriated, or
  otherwise transferred to the credit of the fund as provided by law;
  and
               (2)  interest or other investment earnings that accrue
  on the balance of the fund.
         (d)  The legislature by general law may provide for the
  assets of the state water implementation fund for Texas to be
  invested separately from the investment of other treasury assets
  and funds to the extent that the general law ensures that, in
  managing the assets of the fund, on behalf of the fund the fund's
  investment manager may acquire, exchange, sell, supervise, manage,
  or retain any kind of investment that a prudent investor,
  exercising reasonable care, skill, and caution, would acquire or
  retain in light of the purposes, terms, distribution requirements,
  and other circumstances of the fund then prevailing, taking into
  consideration the investment of all the assets of the fund rather
  than a single investment, and taking into consideration the goal of
  preserving the aggregate purchasing power of the fund assets.
         (e)  The legislature by general law shall prescribe the
  manner in which the assets of the state water implementation fund
  for Texas may be used, subject to the limitations provided by
  Subsections (a) and (b) of this section.
         (f)  An appropriation from the state water implementation
  fund for Texas is an appropriation of state tax revenues dedicated
  by this constitution for the purposes of Section 22, Article VIII,
  of this constitution.
         (g)  On November 30, 2013, the amount of $2.5 billion is
  transferred from the economic stabilization fund to the credit of
  the state water implementation fund for Texas. This subsection
  expires January 1, 2014.
         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.  Article XVI, Texas Constitution, is amended by
  adding Section 74 to read as follows:
         Sec. 74.  (a)  In this section:
               (1)  "Commission" means the Texas Transportation
  Commission or its successor in function.
               (2)  "Economic development infrastructure" includes
  transportation infrastructure and port infrastructure. The term
  includes freight rail infrastructure.
               (3)  "Fund" means the state infrastructure fund.
               (4)  "Political subdivision" means:
                     (A)  a county;
                     (B)  a municipality; or
                     (C)  another governmental unit that has the
  authority to build roads or operate and develop ports, including a
  district created under Section 52, Article III, or Section 59,
  Article XVI, of this constitution.
         (b)  The state infrastructure fund is created as a special
  fund in the state treasury outside the general revenue fund.  The
  fund consists of:
               (1)  money or other assets deposited, appropriated, or
  otherwise transferred to the credit of the fund as provided by law;
               (2)  donations made to the fund;
               (3)  loan repayments received by the commission from
  loans made under this section; and
               (4)  interest or other investment earnings that accrue
  on the balance of the fund.
         (c)  The commission may use money or other assets in the fund
  only to provide:
               (1)  loans to political subdivisions for projects
  related to economic development infrastructure; or
               (2)  credit enhancement to political subdivisions and
  other governmental entities for projects related to economic
  development infrastructure.
         (d)  Money or other assets in the fund shall be invested
  separately from the investment of other treasury assets and funds.
  In managing the assets of the fund, on behalf of the fund the
  comptroller may acquire, exchange, sell, supervise, manage, or
  retain any kind of investment that a prudent investor, exercising
  reasonable care, skill, and caution, would acquire or retain in
  light of the purposes, terms, distribution requirements, and other
  circumstances of the fund then prevailing, taking into
  consideration the investment of all the assets of the fund rather
  than a single investment, and taking into consideration the goal of
  preserving the aggregate purchasing power of the fund assets.
         (e)  The legislature by general law shall prescribe the
  manner in which the assets of the fund may be used, subject to the
  limitations provided by Subsection (c) of this section.
         (f)  Money in the fund may not be used for passenger rail
  projects.
         (g)  An appropriation from the fund is an appropriation of
  state tax revenues dedicated by this constitution for the purposes
  of Section 22, Article VIII, of this constitution.
         (h)  On November 30, 2013, the amount of $3.5 billion is
  transferred from the economic stabilization fund to the credit of
  the fund. This subsection expires January 1, 2014.
         SECTION 4.  (a)  The proposed amendment to the Texas
  Constitution providing for adding Section 49-d-12, Article III, to
  the constitution 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 existing money from the
  economic stabilization fund to a state water implementation fund
  for Texas to assist in the financing of priority water
  infrastructure projects in the state water plan."
         (b)  The proposed amendment to the Texas Constitution
  providing for amending Section 49-p, Article III, and adding
  Section 74, Article XVI, to the constitution 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
  existing money from the economic stabilization fund to a state
  infrastructure fund to assist in the financing of transportation,
  port, freight rail, and other similar economic development
  infrastructure projects and authorizing the use of state highway
  funds for paying the principal and interest on certain general
  obligation bonds issued by the Texas Transportation Commission."
 
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