Texas SB319 establishes a state debt retirement account to allocate certain state revenue towards retiring state debt.

Texas SB319 amends the Government Code to create a state debt retirement account within the general revenue fund, managed by the comptroller. This account is intended to allocate specific state revenue towards retiring state debt. The comptroller must allocate to this account an amount of general revenue equal to any reduction in the transfer to the economic stabilization fund. Additionally, any interest credited to general revenue that would otherwise go to the economic stabilization fund must be credited to the debt retirement account.

Texas SB319 establishes a state debt retirement account to allocate certain state revenue towards retiring state debt.

Texas SB319 amends the Government Code to create a state debt retirement account within the general revenue fund, managed by the comptroller. This account is intended to allocate specific state revenue towards retiring state debt. The comptroller must allocate to this account an amount of general revenue equal to any reduction in the transfer to the economic stabilization fund. Additionally, any interest credited to general revenue that would otherwise go to the economic stabilization fund must be credited to the debt retirement account.