85R14669 JJT-D     By: Perry S.J.R. No. 59       A JOINT RESOLUTION   proposing a constitutional amendment to set aside money from the   economic stabilization fund and certain general revenue 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 Sections 77 and 78 to read as follows:          Sec. 77.  (a)  Not later than the 90th day of each state   fiscal year beginning with the state fiscal year 2019 and ending   with the state fiscal year 2029, the comptroller of public accounts   shall transfer from the state treasury to the credit of the state   infrastructure endowment fund an amount of general revenue equal to   one-quarter of one percent of all general revenue that:                (1)  came into the state treasury during the preceding   state fiscal year; and                (2)  is not otherwise dedicated or appropriated by this   constitution.          (b)  The legislature by general law may provide for the   comptroller of public accounts to transfer in a state fiscal year   from the state treasury to the credit of the state infrastructure   endowment fund, together with the amount transferred to that fund   under Subsection (a) of this section, general revenue not otherwise   dedicated or appropriated by this constitution in an additional   amount that may not exceed three times the amount transferred to   that fund under Subsection (a) of this section for that state fiscal   year.          (c)  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.          (d)  For the purposes of Section 22, Article VIII, of this   constitution, a transfer made under this section to the state   infrastructure endowment fund is not an appropriation of state tax   revenues.          (e)  This section expires December 31, 2029.          Sec. 78.  (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)  pay for projects to repair, renovate,   rehabilitate, or construct state infrastructure other than   transportation infrastructure;                (2)  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                (3)  make payments under a credit agreement or bond   enhancement agreement related to bonds described by Subdivision (2)   of this subsection.          (d)  Notwithstanding Subsections (c), (e), and (f) of this   section, the $1 billion transferred to the state infrastructure   endowment fund under Subsection (c), Section 77, of this article,   may not be spent.  That amount must be retained in the fund as   principal for the purpose of generating investment income for the   fund until September 1, 2029.  On or after that date, all or part of   that principal may be returned to the economic stabilization fund   or transferred to the state treasury to be used for other purposes,   as directed by the legislature.          (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)  The trustee of the state infrastructure endowment fund   may use that fund to finance, including by direct loan, state   infrastructure projects.          (g)  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 and certain general   revenue 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."