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proposing a constitutional amendment relating to the Texas |
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University Fund, which provides funding to certain institutions of |
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higher education to achieve national prominence as major research |
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universities and drive the state economy. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-g, Article III, Texas Constitution, |
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is amended by adding Subsection (p) to read as follows: |
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(p) On the first business day occurring on or after the 90th |
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day of each state fiscal year, an amount, if the amount is greater |
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than zero, equal to the lesser of $100 million or the interest and |
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other earnings attributable to the investment of money in the |
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economic stabilization fund for the preceding state fiscal year is |
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appropriated from the economic stabilization fund to the |
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comptroller of public accounts for the purpose of immediate deposit |
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to the credit of the Texas University Fund. For purposes of this |
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subsection, the amount of interest and other earnings attributable |
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to the investment of money in the economic stabilization fund for a |
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state fiscal year is computed by: |
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(1) determining the amount of interest due to the fund |
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for that fiscal year, including any interest credited to general |
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revenue under Subsection (i) of this section; |
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(2) adding to the amount determined under Subdivision |
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(1) of this subsection an amount equal to the change in the fair |
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market value of the fund between the last day of that fiscal year |
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and the last day of the preceding state fiscal year; and |
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(3) subtracting from the amount determined under |
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Subdivision (2) of this subsection the amount of any expenses of |
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managing the investments of money in the fund that are paid from the |
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fund during that fiscal year. |
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SECTION 2. Section 20, Article VII, Texas Constitution, is |
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amended by amending Subsections (a) and (g) and adding Subsection |
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(i) to read as follows: |
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(a) There is established the Texas University Fund |
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[national research university fund] for the purpose of providing a |
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dedicated, independent, and equitable source of funding to enable |
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emerging research universities in this state to achieve national |
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prominence as major research universities. |
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(g) The legislature shall establish criteria by which a |
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state university may become eligible to receive a portion of the |
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distributions from the fund. [A state university that becomes |
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eligible to receive a portion of the distributions from the fund in |
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a state fiscal biennium remains eligible to receive additional |
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distributions from the fund in any subsequent state fiscal |
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biennium.] The University of Texas at Austin and Texas A&M |
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University are not eligible to receive money from the fund. |
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(i) For purposes of Section 22, Article VIII, of this |
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constitution: |
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(1) money in the fund is dedicated by this |
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constitution; and |
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(2) an appropriation of state tax revenues for the |
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purpose of depositing money to the credit of the fund is treated as |
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if it were an appropriation of revenues dedicated by this |
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constitution. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment relating to the Texas |
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University Fund, which provides funding to certain institutions of |
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higher education to achieve national prominence as major research |
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universities and drive the state economy." |