Enrolled Bill Summary

Senate Bill 777	Senate Author:  Williams
Effective:  5-9-11	House Sponsor:  Otto

            The scholarship fund account for fifth-year accounting students, which had been a dedicated account in the general revenue fund administered by the Texas Higher Education Coordinating Board, was redesignated in 2009 as a scholarship trust fund for such accounting students to be held by the Texas State Board of Public Accountancy outside the state treasury. However, the funds consolidation bill enacted by the 81st Legislature negated the fund's creation as a trust fund and instead created it as a dedicated account in the general revenue fund as before.  Senate Bill 777 amends the Occupations Code to re-create the scholarship trust fund for fifth‑year accounting students as a trust fund held outside the state treasury by the Texas State Board of Public Accountancy and rededicates the revenue dedicated to the trust fund as provided by Chapter 119 (H.B. 2440), Acts of the 81st Legislature, Regular Session, 2009, before its negation by the funds consolidation bill.