Bill > HJR82

This Joint Resolution proposes a constitutional amendment to create and define the use of the "Grow Texas fund," a new state fund. It also outlines how certain state revenues will be distributed to this new fund, the "economic stabilization fund" (often called the "Rainy Day Fund," designed to hold surplus state money for emergencies), and the "state highway fund" (used for road construction and maintenance). Specifically, the Comptroller of Public Accounts will transfer money from the general revenue fund to these three funds. The Grow Texas fund will receive 12% of the amount that would otherwise go to the economic stabilization fund, capped at $250 million per biennium, and will be used for infrastructure needs in areas of the state where oil and gas are produced. The amendment also establishes a Grow Texas fund commission to administer the fund and advise the legislature.