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House Bill 1551 |
House Author: Howard et al. |
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Effective: 6-17-15 |
Senate Sponsor: Hancock |
Under current law, the School Land Board is authorized to release funds from the real estate special fund account to the credit of the available school fund or the State Board of Education (SBOE) for investment in the permanent school fund. House Bill 1551 amends the Natural Resources Code to require the School Land Board to establish the procedures by which the board determines the date such a transfer will be made and the amount of money that will be transferred. The bill requires the board to submit to the legislature, comptroller, SBOE, and Legislative Budget Board a report that states the date such a transfer will be made and the amount of money the board will transfer during the subsequent state fiscal biennium.