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A JOINT RESOLUTION
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proposing a constitutional amendment regarding the rainy day fund |
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and dedicating certain surplus revenues to property tax reduction. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-g, Article III, Texas Constitution, |
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is amended to read as follows: |
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Sec. 49-g. (a) The budget [economic] stabilization fund is |
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established as a special fund in the state treasury. |
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(b) For purposes of this section, general revenue is |
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encumbered on the last day of a fiscal biennium only to the extent |
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that the revenue is subject to payment for particular identifiable |
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and legally enforceable obligations of the state that were incurred |
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on or before that day and intended to be paid from appropriations |
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for that fiscal biennium. |
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(c) Not [The comptroller shall, not] later than the 90th day |
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of each fiscal biennium, the comptroller shall: |
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(1) transfer to the budget [economic] stabilization |
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fund one-half of any unencumbered positive balance of general |
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revenues on the last day of the preceding fiscal biennium; and |
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(2) transfer 25 percent of any unencumbered positive |
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balance of general revenues on the last day of the preceding fiscal |
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biennium to the property tax relief fund. [If necessary, the
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comptroller shall reduce the amount transferred in proportion to
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the other amounts prescribed by this section to prevent the amount
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in the fund from exceeding the limit in effect for that biennium
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under Subsection (g) of this section.] |
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(d) To the extent that the reports of payables and binding |
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encumbrances on which the transfers under Subsection (c) of this |
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section were based prove to have been underestimated, the |
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comptroller may reclaim money transferred under Subsection (c) of |
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this section in an amount that the comptroller determines is |
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necessary to pay a claim that is legally payable from an |
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appropriation that was encumbered to pay the claim before the |
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expiration of the appropriation but the balance of which is |
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insufficient to pay the claim. |
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(e) [(c)] Not later than the 90th day of each fiscal year, |
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the comptroller of public accounts shall transfer from general |
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revenue to the budget [economic] stabilization fund the amounts |
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prescribed by Subsections (f) and (g) [(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 prevent the amount in
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the fund from exceeding the limit in effect for that biennium under
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Subsection (g) of this section.] |
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(f) [(d)] If in the preceding year the state received from |
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oil 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 transfer to the budget |
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[economic] stabilization fund an amount equal to 75 percent of the |
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difference between those amounts. The comptroller shall retain the |
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remaining 25 percent of the difference as general revenue. In |
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computing the net amount of oil production taxes received, the |
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comptroller may not consider refunds paid as a result of oil |
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overcharge litigation. |
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(g) [(e)] If in the preceding year the state received from |
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gas 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 transfer to the budget |
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[economic] stabilization fund an amount equal to 75 percent of the |
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difference between those amounts. The comptroller shall retain the |
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remaining 25 percent of the difference as general revenue. For the |
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purposes of this subsection, the comptroller shall adjust the |
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comptroller's [his] computation of revenues to reflect only 12 |
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months of collection. |
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(h) [(f)] The legislature by general law or in a general |
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appropriations act may transfer additional amounts of money to the |
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budget [appropriate additional amounts to the economic] |
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stabilization fund or to the property tax relief fund. A transfer |
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made under this subsection is not an appropriation for purposes of |
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Section 22, Article VIII, of this constitution. |
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(i) [(g)
During each fiscal biennium, the amount in the
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economic stabilization fund may not exceed an amount equal to 10
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percent of the total amount, excluding investment income, interest
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income, and amounts borrowed from special funds, deposited in
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general revenue during the preceding biennium.
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[(h)] In preparing an estimate of anticipated revenues for a |
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succeeding biennium as required by Article III, Section 49a, of |
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this constitution, the comptroller shall estimate the amount of the |
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transfers that will be made under Subsections (c), (f), and (g) |
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[(b), (d), and (e)] of this section. The comptroller shall deduct |
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that amount from the estimate of anticipated revenues as if the |
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transfers were made on August 31 of that fiscal year. |
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[(i)
The comptroller shall credit to general revenue
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interest due to the economic stabilization fund that would result
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in an amount in the economic stabilization fund that exceeds the
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limit in effect under Subsection (g) of this section.] |
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(j) The comptroller may transfer money from the budget |
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[economic] stabilization fund to general revenue to prevent or |
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eliminate a temporary cash deficiency in general revenue. The |
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comptroller shall return the amount transferred to the budget |
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[economic] stabilization fund as soon as practicable, but not later |
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than August 31 of each odd-numbered year. The comptroller shall |
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allocate the depository interest as if the transfers had not been |
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made. If the comptroller submits a statement to the governor and |
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the legislature under Article III, Section 49a, of this |
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constitution when money from the budget [economic] stabilization |
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fund is in general revenue, the comptroller shall state that the |
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transferred money is not available for appropriation from general |
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revenue. |
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(k) Except as otherwise provided by this section, amounts |
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[Amounts] from the budget [economic] stabilization fund may be |
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appropriated during a regular legislative session for the |
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then-current biennium only for a purpose for which an appropriation |
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from general revenue was made by the preceding legislature and may |
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be appropriated in a special session only for a purpose for which an |
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appropriation from general revenue was made in a preceding |
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legislative session of the same legislature. An appropriation for |
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the then-current biennium from the budget [economic] stabilization |
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fund made during a regular legislative session under this |
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subsection may be made only if the comptroller certifies that |
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appropriations from general revenue made by the preceding |
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legislature for the then-current [current] biennium exceed |
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available general revenues and cash balances for the remainder of |
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that biennium. The amount of an appropriation from the budget |
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[economic] stabilization fund under this subsection may not exceed |
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the difference between the comptroller's estimate of general |
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revenue for the then-current [current] biennium at the time the |
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comptroller receives for certification the bill making the |
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appropriation and the amount of general revenue appropriations for |
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that biennium previously certified by the comptroller. |
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Appropriations from the budget [economic] stabilization fund under |
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this subsection may not extend beyond the last day of the |
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then-current [current] biennium. An appropriation from the budget |
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[economic] stabilization fund under this subsection must be |
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approved by a three-fifths vote of the members present in each house |
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of the legislature. |
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(l) If an estimate of anticipated revenues for a succeeding |
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biennium prepared by the comptroller pursuant to Article III, |
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Section 49a, of this constitution is less than the revenues that are |
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estimated at the same time by the comptroller to be available for |
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the then-current [current] biennium, the legislature may, by a |
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three-fifths vote of the members present in each house, appropriate |
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for the succeeding biennium from the budget [economic] |
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stabilization fund an amount not to exceed this difference. |
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Following each fiscal year, the actual amount of revenue shall be |
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computed, and if the estimated difference exceeds the actual |
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difference, the comptroller shall transfer the amount necessary |
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from general revenue to the budget [economic] stabilization fund so |
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that the actual difference shall not be exceeded. If all or a |
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portion of the difference in revenue from one biennium to the next |
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results, at least in part, from a change in a tax rate or base |
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adopted by the legislature, the computation of revenue difference |
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shall be adjusted to the amount that would have been available had |
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the rate or base not been changed. |
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(m) [In addition to the appropriation authority provided by
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Subsections (k) and (l) of this section, the legislature may, by a
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two-thirds vote of the members present in each house, appropriate
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amounts from the economic stabilization fund at any time and for any
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purpose.
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[(n)] Money appropriated from the budget [economic] |
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stabilization fund is subject to being withheld or transferred, |
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within any limits provided by statute, by any person or entity |
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authorized to exercise the power granted by Article XVI, Section |
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69, of this constitution. |
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(n) The comptroller of public accounts shall disburse |
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revenue deposited in the property tax relief fund under this |
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section to public school districts to reduce public school district |
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property tax rates as provided by rules of the comptroller adopted |
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to implement this subsection. The comptroller's rules adopted |
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under this subsection must be designed to provide for property tax |
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relief in accordance with any general law provisions for use of |
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money from the property tax relief fund. On the last day of each |
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fiscal biennium during which property tax rates for public schools |
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are set at zero percent as a result of property tax relief fund and |
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any other state disbursements, the comptroller shall transfer the |
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unencumbered balance of the property tax relief fund to the budget |
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stabilization fund. |
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(o) Notwithstanding Subsection (n) of this section, by a |
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vote of four-fifths of the members present in each house the |
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legislature may suspend for the then-current biennium or for the |
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next biennium any property tax relief disbursement under that |
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subsection or any transfer under that subsection and, to the extent |
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otherwise consistent with this constitution, may provide for the |
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money deposited in the property tax relief fund under this section |
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to be spent for any purpose or transferred to any account or fund |
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inside or outside of the treasury. |
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(p) In this section, "net" means the amount of money that is |
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equal to the difference between gross collections and refunds |
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before the comptroller allocates the receipts as provided by law. |
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SECTION 2. 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 |
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to the amendments to Section 49-g, Article III, of this |
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constitution, proposed by the 81st Legislature, Regular Session, |
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2009, regarding the budget stabilization fund and the application |
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of certain surplus revenues to property tax relief. This temporary |
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provision expires December 1, 2012. |
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(b) The changes made to Section 49-g, Article III, of this |
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constitution by the amendments apply only in relation to |
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appropriations made for the state fiscal biennium beginning |
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September 1, 2011, and subsequent state fiscal bienniums. |
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Appropriations for the state fiscal biennium that began September |
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1, 2009, are governed by Section 49-g, Article III, as it existed on |
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January 1, 2009. |
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(c) The changes made by the amendments to Section 49-g, |
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Article III, of this constitution apply beginning with any |
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unencumbered positive balance of general revenues on August 31, |
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2011. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment regarding the rainy day |
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fund and dedicating certain surplus revenues to property tax |
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relief." |