1-1  By:  Madla                                             S.B. No. 142
    1-2        (In the Senate - Filed January 20, 1993; January 21, 1993,
    1-3  read first time and referred to Committee on Finance;
    1-4  April 22, 1993, reported adversely, with favorable Committee
    1-5  Substitute by the following vote:  Yeas 11, Nays 0; April 22, 1993,
    1-6  sent to printer.)
    1-7                            COMMITTEE VOTE
    1-8                          Yea     Nay      PNV      Absent 
    1-9        Montford           x                               
   1-10        Turner             x                               
   1-11        Armbrister         x                               
   1-12        Barrientos         x                               
   1-13        Bivins             x                               
   1-14        Ellis              x                               
   1-15        Haley                                          x   
   1-16        Moncrief           x                               
   1-17        Parker                              x              
   1-18        Ratliff            x                               
   1-19        Sims               x                               
   1-20        Truan              x                               
   1-21        Zaffirini          x                               
   1-22  COMMITTEE SUBSTITUTE FOR S.B. No. 142                   By:  Turner
   1-23                         A BILL TO BE ENTITLED
   1-24                                AN ACT
   1-25  relating to authorizing public junior colleges to charge an
   1-26  endowment fee and to establish an endowment fund.
   1-27        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-28        SECTION 1.  Subchapter A, Chapter 130, Education Code, is
   1-29  amended by adding Section 130.007 to read as follows:
   1-30        Sec. 130.007.  ENDOWMENT FEES AND ENDOWMENT FUND.  (a)  The
   1-31  board of trustees of a public junior college may establish an
   1-32  endowment fund outside the state treasury in a depository selected
   1-33  by the board of trustees.
   1-34        (b)  On approval by a vote of the student body, the board of
   1-35  trustees may collect from each student enrolled at the junior
   1-36  college an endowment fee not to exceed $25.
   1-37        (c)  An endowment fee collected under this section shall be
   1-38  deposited in the endowment fund.
   1-39        (d)  The board of trustees may accept gifts and grants from
   1-40  any public or private source for the fund.
   1-41        (e)  The endowment fund consists of endowment fees, gifts,
   1-42  grants, and income from investing the fund.
   1-43        (f)  The board of trustees may invest the endowment fund in
   1-44  securities, bonds, and other investments that the board considers
   1-45  prudent.  In making investments under this section, the board shall
   1-46  exercise the judgment and care under the circumstances then
   1-47  prevailing that a person of ordinary prudence, discretion, and
   1-48  intelligence exercises in the management of the person's own
   1-49  affairs.
   1-50        (g)  The board may not spend any money deposited in the fund
   1-51  as endowment fees, gifts, or grants but may spend any income from
   1-52  investing the fund.
   1-53        SECTION 2.  Section 130.007, Education Code, as added by this
   1-54  Act, applies beginning with the fall semester 1993.
   1-55        SECTION 3.  The importance of this legislation and the
   1-56  crowded condition of the calendars in both houses create an
   1-57  emergency and an imperative public necessity that the
   1-58  constitutional rule requiring bills to be read on three several
   1-59  days in each house be suspended, and this rule is hereby suspended,
   1-60  and that this Act take effect and be in force from and after its
   1-61  passage, and it is so enacted.
   1-62                               * * * * *
   1-63                                                         Austin,
   1-64  Texas
   1-65                                                         April 22, 1993
   1-66  Hon. Bob Bullock
   1-67  President of the Senate
   1-68  Sir:
    2-1  We, your Committee on Finance to which was referred S.B. No. 142,
    2-2  have had the same under consideration, and I am instructed to
    2-3  report it back to the Senate with the recommendation that it do not
    2-4  pass, but that the Committee Substitute adopted in lieu thereof do
    2-5  pass and be printed.
    2-6                                                         Montford,
    2-7  Chairman
    2-8                               * * * * *
    2-9                               WITNESSES
   2-10                                                  FOR   AGAINST  ON
   2-11  ___________________________________________________________________
   2-12  Name:  Leo Zuniga Assistant to the Chancellor    x
   2-13  Representing:  Alamo Community College Dist.
   2-14  City:  San Antonio
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   2-16  Name:  Sue Beth Miller                           x
   2-17  Representing:  Austin Community College
   2-18  City:  Austin
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