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
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