Texas Constitution:Article III, Section 50-c and Texas Constitution:Article VIII, Section 7-c: Difference between pages

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{{DISPLAYTITLE:Article III, Section 50-c of the Texas Constitution (''<small>"Farm and Ranch Loan Security Fund"</small>'')}}{{Texas Constitution|text=As amended November 7, 1995:
{{DISPLAYTITLE:Article VIII, Section 7-c of the Texas Constitution}}{{Template:Texas Constitution|text=Added November 3, 2015:


'''(a) The Legislature may provide that the Commissioner of Agriculture shall have the authority to provide for, issue, and sell general obligation bonds of the State of Texas in an amount not to exceed $10 million. The bonds shall be called "Farm and Ranch Loan Security Bonds" and shall be executed in such form, denominations, and on such terms as may be prescribed by law. The bonds shall bear interest rates fixed by the Legislature of the State of Texas.'''
'''(a) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund $2.5 billion of the net revenue derived from the imposition of the state sales and use tax on the sale, storage, use, or other consumption in this state of taxable items under Chapter [https://statutes.capitol.texas.gov/Docs/TX/pdf/TX.151.pdf 151], Tax Code, or its successor, that exceeds the first $28 billion of that revenue coming into the Treasury in that state fiscal year.'''


'''(b) All money received from the sale of Farm and Ranch Loan Security Bonds shall be deposited in a fund hereby created with the Comptroller of Public Accounts to be known as the "Farm and Ranch Loan Security Fund." This fund shall be administered without further appropriation by the Commissioner of Agriculture in the manner prescribed by law.'''
'''(b) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund an amount equal to 35 percent of the net revenue derived from the tax authorized by Chapter [https://statutes.capitol.texas.gov/Docs/TX/pdf/TX.152.pdf 152], Tax Code, or its successor, and imposed on the sale, use, or rental of a motor vehicle that exceeds the first $5 billion of that revenue coming into the Treasury in that state fiscal year.'''


'''(c) The Farm and Ranch Loan Security Fund shall be used by the Commissioner of Agriculture under provisions prescribed by the Legislature for the purpose of guaranteeing loans used for the purchase of farm and ranch real estate, for acquiring real estate mortgages or deeds of trust on lands purchased with guaranteed loans, and to advance to the borrower a percentage of the principal and interest due on those loans; provided that the Commissioner shall require at least six percent interest be paid by the borrower on any advance of principal and interest. The Legislature may authorize the Commissioner to sell at foreclosure any land acquired in this manner, and proceeds from that sale shall be deposited in the Farm and Ranch Loan Security Fund.'''
'''(c) Money deposited to the credit of the state highway fund under this section may be appropriated only to: (1) construct, maintain, or acquire rights-of-way for public roadways other than toll roads; or (2) repay the principal of and interest on general obligation bonds issued as authorized by Section [[Texas Constitution:Article III, Section 49-p|49-p]], Article III, of this constitution.'''


'''(d) The Legislature may provide for the investment of money available in the Farm and Ranch Loan Security Fund and the interest and sinking fund established for the payment of bonds issued by the Commissioner of Agriculture. Income from the investment shall be used for purposes prescribed by the Legislature.'''
'''(d) The legislature by adoption of a resolution approved by a record vote of two-thirds of the members of each house of the legislature may direct the comptroller of public accounts to reduce the amount of money deposited to the credit of the state highway fund under Subsection (a) or (b) of this section. The comptroller may be directed to make that reduction only: (1) in the state fiscal year in which the resolution is adopted, or in either of the following two state fiscal years; and (2) by an amount or percentage that does not result in a reduction of more than 50 percent of the amount that would otherwise be deposited to the fund in the affected state fiscal year under the applicable subsection of this section.'''


'''(e) While any of the bonds authorized by this section or any interest on those bonds is outstanding and unpaid, there is hereby appropriated out of the first money coming into the Treasury in each fiscal year not otherwise appropriated by this constitution an amount that is sufficient to pay the principal and interest on the bonds that mature or become due during the fiscal year less the amount in the interest and sinking fund at the close of the prior fiscal year.'''
'''(e) Subject to Subsection (f) of this section, the duty of the comptroller of public accounts to make a deposit under this section expires: (1) August 31, 2032, for a deposit required by Subsection (a) of this section; and (2) August 31, 2029, for a deposit required by Subsection (b) of this section.'''
 
'''(f) The legislature by adoption of a resolution approved by a record vote of a majority of the members of each house of the legislature may extend, in 10-year increments, the duty of the comptroller of public accounts to make a deposit under Subsection (a) or (b) of this section beyond the applicable date prescribed by Subsection (e) of this section.'''


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|seo_title=Article III, Section 50-c of the Texas Constitution ("Farm and Ranch Loan Security Fund")
|seo_keywords=Article 3 Section 50-c, Texas Legislature, ...
|seo_description=The legislative power of Texas is vested in a Senate and House of Representatives.
|seo_image=Texas_Constitution_of_1876_Article_3.jpg
|seo_image_alt=Article III: Legislative Department


}}
}}


[[Category:TxCon ArtIII Sec]]
[[Category:Tax Law-Texas]]
[[Category:TxCon ArtVIII Sec]]

Latest revision as of 16:24, August 7, 2023

Added November 3, 2015:

(a) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund $2.5 billion of the net revenue derived from the imposition of the state sales and use tax on the sale, storage, use, or other consumption in this state of taxable items under Chapter 151, Tax Code, or its successor, that exceeds the first $28 billion of that revenue coming into the Treasury in that state fiscal year.

(b) Subject to Subsections (d) and (e) of this section, in each state fiscal year, the comptroller of public accounts shall deposit to the credit of the state highway fund an amount equal to 35 percent of the net revenue derived from the tax authorized by Chapter 152, Tax Code, or its successor, and imposed on the sale, use, or rental of a motor vehicle that exceeds the first $5 billion of that revenue coming into the Treasury in that state fiscal year.

(c) Money deposited to the credit of the state highway fund under this section may be appropriated only to: (1) construct, maintain, or acquire rights-of-way for public roadways other than toll roads; or (2) repay the principal of and interest on general obligation bonds issued as authorized by Section 49-p, Article III, of this constitution.

(d) The legislature by adoption of a resolution approved by a record vote of two-thirds of the members of each house of the legislature may direct the comptroller of public accounts to reduce the amount of money deposited to the credit of the state highway fund under Subsection (a) or (b) of this section. The comptroller may be directed to make that reduction only: (1) in the state fiscal year in which the resolution is adopted, or in either of the following two state fiscal years; and (2) by an amount or percentage that does not result in a reduction of more than 50 percent of the amount that would otherwise be deposited to the fund in the affected state fiscal year under the applicable subsection of this section.

(e) Subject to Subsection (f) of this section, the duty of the comptroller of public accounts to make a deposit under this section expires: (1) August 31, 2032, for a deposit required by Subsection (a) of this section; and (2) August 31, 2029, for a deposit required by Subsection (b) of this section.

(f) The legislature by adoption of a resolution approved by a record vote of a majority of the members of each house of the legislature may extend, in 10-year increments, the duty of the comptroller of public accounts to make a deposit under Subsection (a) or (b) of this section beyond the applicable date prescribed by Subsection (e) of this section.

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—Attorney Steve Smith

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