The bill, S.B. No. 319, proposes the establishment of a state debt retirement account within the general revenue fund, which will be administered by the comptroller. It mandates that whenever the comptroller reduces the amount of general revenue transferred to the economic stabilization fund, an equivalent amount must be allocated to the state debt retirement account. Additionally, any interest that would have been credited to the economic stabilization fund will also be credited to this new account. The funds in the state debt retirement account can only be used to pay the principal or interest on state bonds, notes, or other obligations.

Furthermore, the bill stipulates that if there are no outstanding debts on state bonds or obligations, any remaining balance in the state debt retirement account must be allocated to the nondedicated portion of the general revenue fund. However, the comptroller is prohibited from making further allocations to the debt retirement account under certain conditions. The bill also allows for the appropriated funds from the state debt retirement account to be used for general governmental purposes once the outstanding debts are settled. The act is set to take effect on September 1, 2025.

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