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 2-15 ------------------------------------------------------------------- 2-16 Name: Sue Beth Miller x 2-17 Representing: Austin Community College 2-18 City: Austin 2-19 -------------------------------------------------------------------