85R14689 JJT-D     By: Perry S.J.R. No. 58       A JOINT RESOLUTION   proposing a constitutional amendment to set aside money from the   economic stabilization fund to pay for certain state infrastructure   projects and to create a state infrastructure endowment fund for   funding certain costs of those projects.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article XVI, Texas Constitution, is amended by   adding Section 76 to read as follows:          Sec. 76.  (a)  The state infrastructure endowment fund is   created as a fund to be held outside of the state treasury and   administered by the comptroller of public accounts as trustee for   the purpose of paying the costs of state infrastructure as provided   by this section.          (b)  Notwithstanding Subsection (a) of this section, the   comptroller of public accounts may transfer the state   infrastructure endowment fund and the comptroller's duties as   trustee to a special purpose trust company that, as provided by   general law, is incorporated by the comptroller.          (c)  Money transferred to the credit of the state   infrastructure endowment fund and interest or other earnings on   that money may be used only to:                (1)  make payments of principal or interest on state   general obligation bonds the proceeds of which were used to pay for   projects to repair, renovate, rehabilitate, or construct state   infrastructure other than transportation infrastructure; or                (2)  make payments under a credit agreement or bond   enhancement agreement related to bonds described by Subdivision (1)   of this subsection.          (d)  As soon as practicable after the effective date of this   section, the comptroller of public accounts shall transfer from the   economic stabilization fund to the credit of the state   infrastructure endowment fund the amount of $1 billion. For the   purposes of Section 22, Article VIII, of this constitution, the   transfer made under this subsection to the state infrastructure   endowment fund is not an appropriation of state tax revenues.  This   subsection expires September 1, 2018.          (e)  The trustee of the state infrastructure endowment fund,   without the necessity of a legislative appropriation, may apply   available money from the fund toward payments described by   Subsection (c) of this section. The trustee may enter into bond   enhancement agreements to provide additional security for general   obligation bonds or revenue bonds the proceeds of which are used to   finance state infrastructure projects other than transportation   infrastructure projects. Bond enhancement agreements must be   payable solely from available money from the state infrastructure   endowment fund.  The bond enhancement agreements may not exceed an   amount that can be fully supported by the state infrastructure   endowment fund. A bond enhancement agreement entered into under   this subsection may not provide for a duty to make a payment under   the agreement so as to constitute a constitutional state debt   payable from general revenues of the state.          (f)  This section is self-executing, however the legislature   by general law may provide for criteria or procedures for the   trustee to use in determining the use of the state infrastructure   endowment fund's resources.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 7, 2017.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment to set aside an amount   of money from the economic stabilization fund as dedicated to pay   for certain state infrastructure projects and to create a state   infrastructure endowment fund outside of the state treasury for   funding certain costs of those projects."