1-1 By: Hernandez (Senate Sponsor - Madla) H.B. No. 2363
1-2 (In the Senate - Received from the House May 10, 1993;
1-3 May 12, 1993, read first time and referred to Committee on
1-4 Education; May 20, 1993, reported favorably by the following vote:
1-5 Yeas 9, Nays 0; May 20, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Ratliff x
1-9 Haley x
1-10 Barrientos x
1-11 Bivins x
1-12 Harris of Tarrant x
1-13 Luna x
1-14 Montford x
1-15 Shapiro x
1-16 Sibley x
1-17 Turner x
1-18 Zaffirini x
1-19 A BILL TO BE ENTITLED
1-20 AN ACT
1-21 relating to authorizing public junior colleges to establish an
1-22 endowment fund.
1-23 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-24 SECTION 1. Subchapter A, Chapter 130, Education Code, is
1-25 amended by adding Section 130.007 to read as follows:
1-26 Sec. 130.007. ENDOWMENT FUND. (a) The board of trustees of
1-27 a public junior college may establish an endowment fund outside the
1-28 state treasury in a depository selected by the board of trustees.
1-29 (b) The board of trustees may deposit local funds collected
1-30 by the board to the credit of the endowment fund.
1-31 (c) The board of trustees may accept gifts and grants from
1-32 any public or private source for the endowment fund.
1-33 (d) The endowment fund consists of local funds deposited to
1-34 the credit of the endowment fund, gifts, grants, and income from
1-35 investing the endowment fund.
1-36 (e) The board of trustees may invest the endowment fund in
1-37 securities, bonds, and other investments that the board considers
1-38 prudent. In making investments under this section, the board shall
1-39 exercise the judgment and care under the circumstances then
1-40 prevailing that a person of ordinary prudence, discretion, and
1-41 intelligence exercises in the management of the person's own
1-42 affairs.
1-43 (f) The board may not spend any money deposited in the
1-44 endowment fund as local funds, gifts, or grants but may spend any
1-45 income from investing the endowment fund for the operation or
1-46 maintenance of the junior college.
1-47 SECTION 2. The importance of this legislation and the
1-48 crowded condition of the calendars in both houses create an
1-49 emergency and an imperative public necessity that the
1-50 constitutional rule requiring bills to be read on three several
1-51 days in each house be suspended, and this rule is hereby suspended,
1-52 and that this Act take effect and be in force from and after its
1-53 passage, and it is so enacted.
1-54 * * * * *
1-55 Austin,
1-56 Texas
1-57 May 20, 1993
1-58 Hon. Bob Bullock
1-59 President of the Senate
1-60 Sir:
1-61 We, your Committee on Education to which was referred H.B.
1-62 No. 2363, have had the same under consideration, and I am
1-63 instructed to report it back to the Senate with the recommendation
1-64 that it do pass and be printed.
1-65 Ratliff,
1-66 Chairman
1-67 * * * * *
1-68 WITNESSES
2-1 FOR AGAINST ON
2-2 ___________________________________________________________________
2-3 Name: George Panketh x
2-4 Representing: Alamo Community College
2-5 City: San Antonio
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