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House Joint Resolution 3 |
House Author: Bonnen |
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For Election: 11-7-23 |
Senate Sponsor: Huffman et al. |
House Joint Resolution 3 proposes an amendment to the Texas Constitution to redesignate the National Research University Fund (NRUF) as the Texas University Fund (TUF). The resolution removes the provision that makes a state university permanently eligible to receive distributions from the fund once initial eligibility is established and makes all institutions supported by the Available University Fund (AUF) ineligible for TUF funding. The resolution provides for a dedicated source of revenue for the TUF from the interest income, dividends, and investment earnings attributable to the Economic Stabilization Fund, otherwise known as the Rainy Day Fund, but caps the amount that may be appropriated in a state fiscal year. The resolution exempts money in the TUF and state tax revenues appropriated to the TUF from the constitutional state spending cap.