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A JOINT RESOLUTION
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proposing a constitutional amendment establishing the Texas |
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university fund to provide funding for research activities |
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conducted by public institutions of higher education in the Texas |
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Tech University System or the University of Houston System. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VII, Texas Constitution, is amended by |
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adding Section 21 to read as follows: |
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Sec. 21. (a) In this section, "fund" means the Texas |
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university fund. |
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(b) The Texas university fund is established to provide a |
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dedicated source of funding for research activities conducted by |
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public institutions of higher education in the Texas Tech |
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University System or the University of Houston System. |
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(c) The fund consists of money transferred or deposited to |
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the credit of the fund and any interest or other return on the |
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investment assets of the fund. |
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(d) The fund shall be administered by a board of directors. |
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The board consists of six members, appointed as follows: |
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(1) three members of the board of regents of the Texas |
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Tech University System, selected by the chair of that board of |
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regents; |
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(2) three members of the board of regents of the |
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University of Houston System, selected by the chair of that board of |
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regents; and |
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(e) The fund shall be invested in the manner and according |
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to the standards provided for investment of the permanent |
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university fund. The expenses of managing the investments of the |
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fund shall be paid from the fund. |
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(f) For each state fiscal biennium, the legislature may |
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appropriate all or a portion of the total return on all investment |
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assets of the fund to the Texas Tech University System and the |
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University of Houston System in equal amounts to pay for research |
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activities conducted by component institutions of the respective |
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systems. The board of regents of each system shall determine the |
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manner of allocating money appropriated to the system from the fund |
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to component institutions of the system. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held May 7, 2022. The |
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ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment establishing the Texas |
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university fund to provide funding for research activities |
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conducted by public institutions of higher education in the Texas |
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Tech University System or the University of Houston System." |