Texas Constitution, April 2008 Page: 37
This book is part of the collection entitled: Texas State Publications and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
" Art. 3 Sec. 49-g
the same manner that proceeds of bonds issued under Section 49-i of this article
" are administered. (Subsecs. (a)-(f) added Nov. 5, 1985; Subsec. (b) amended
and (g) added Nov. 7, 1995.)
Sec. 49-g. SUPERCONDUCTING SUPER COLLIDER FUND. (Added
S by Acts 1987, 70th Leg., R.S., H.J.R. 88; amended Nov. 7, 1995; repealed Nov. 4,
" 1997.)
Sec. 49-g. ECONOMIC STABILIZATION FUND. (Text of section as
added by Acts 1987, 70th Leg., R.S., H.J.R. 2.) (a) The economic stabilization
" fund is established as a special fund in the state treasury.
(b) The comptroller shall, not later than the 90th day of each biennium,
transfer to the economic stabilization fund one-half of any unencumbered
5 positive balance of general revenues on the last day of the preceding biennium.
If necessary, the comptroller shall reduce the amount transferred in proportion
to the other amounts prescribed by this section to prevent the amount in the
* fund from exceeding the limit in effect for that biennium under Subsection (g)
of this section.
S (c) Not later than the 90th day of each fiscal year, the comptroller of public
accounts shall transfer from general revenue to the economic stabilization fund
the amounts prescribed by Subsections (d) and (e) of this section. However, if
necessary, the comptroller shall reduce proportionately the amounts transferred
" to prevent the amount in the fund from exceeding the limit in effect for that
biennium under Subsection (g) of this section.
S (d) If in the preceding year the state received from oil production taxes a
net amount greater than the net amount of oil production taxes received by the
state in the fiscal year ending August 31, 1987, the comptroller shall transfer to
5 the economic stabilization fund an amount equal to 75 percent of the difference
between those amounts. The comptroller shall retain the remaining 25 percent of
the difference as general revenue. In computing the net amount of oil production
taxes received, the comptroller may not consider refunds paid as a result of oil
overcharge litigation.
(e) If in the preceding year the state received from gas production taxes a
5 net amount greater than the net amount of gas production taxes received by the
state in the fiscal year ending August 31, 1987, the comptroller shall transfer to
the economic stabilization fund an amount equal to 75 percent of the difference
between those amounts. The comptroller shall retain the remaining 25 percent
of the difference as general revenue. For the purposes of this subsection, the
comptroller shall adjust his computation of revenues to reflect only 12 months
of collection.
(f) The legislature may appropriate additional amounts to the economic
5 stabilization fund.
" (g) During each fiscal biennium, the amount in the economic stabilization
fund may not exceed an amount equal to 10 percent of the total amount, excluding
investment income, interest income, and amounts borrowed from special funds,
deposited in general revenue during the preceding biennium.
37
S
S
Upcoming Pages
Here’s what’s next.
Search Inside
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Matching Search Results
View five pages within this book that match your search.Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Texas. Legislature. Legislative Council. Research Division. Texas Constitution, April 2008, book, April 2008; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654146/m1/43/?q=%222008~%22: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.