By Culberson H.B. No. 698
74R2128 ESH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the composition of the permanent school fund and the
1-3 financing of the foundation school program.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 15.01(a), Education Code, is amended to
1-6 read as follows:
1-7 (a) The permanent school fund, which shall constitute a
1-8 perpetual endowment for the public free schools of this state,
1-9 shall consist of:
1-10 (1) all land appropriated for the public schools by
1-11 the constitution and laws of Texas;
1-12 (2) all the unappropriated public domain remaining in
1-13 Texas, including all land recovered by the state by suit or
1-14 otherwise except pine forest land as defined in Section 88.111 of
1-15 this code <12, Article 2613, Revised Civil Statutes of Texas, 1925,
1-16 as amended>;
1-17 (3) all proceeds from the authorized sale of permanent
1-18 school fund land, or any portion thereof, surveyed or unsurveyed;
1-19 (4) all proceeds from the lawful sale of any other
1-20 properties belonging to the permanent school fund;
1-21 (5) all investments (authorized in Section 15.02 of
1-22 this code) of properties belonging to the permanent school fund;
1-23 and
1-24 (6) fifty percent of all income from the mineral
2-1 development of land constituting the permanent school fund,
2-2 including income from mineral development of riverbeds and other
2-3 submerged land.
2-4 SECTION 2. Chapter 15, Education Code, is amended by adding
2-5 Section 15.012 to read as follows:
2-6 Sec. 15.012. FOUNDATION SCHOOL FUND. (a) The foundation
2-7 school fund is in the state treasury.
2-8 (b) The fund consists of:
2-9 (1) revenue, including tax revenue, required by
2-10 statute to be deposited to the credit of the foundation school
2-11 fund;
2-12 (2) fifty percent of all income from the mineral
2-13 development of land constituting the permanent school fund,
2-14 including income from the mineral development of riverbeds and
2-15 other submerged land; and
2-16 (3) other funds transferred, dedicated, or
2-17 appropriated to the fund.
2-18 (c) The fund may be appropriated only to finance the
2-19 foundation school program.
2-20 (d) The fund is exempt from the application of Sections
2-21 403.094 and 403.095, Government Code.
2-22 SECTION 3. This Act takes effect on adoption of the
2-23 constitutional amendment proposed by _____J.R. No. _____, Acts of
2-24 the 74th Legislature, Regular Session, 1995, relating to the
2-25 composition of the permanent and available school funds. If that
2-26 amendment is not adopted, this Act has no effect.
2-27 SECTION 4. The importance of this legislation and the
3-1 crowded condition of the calendars in both houses create an
3-2 emergency and an imperative public necessity that the
3-3 constitutional rule requiring bills to be read on three several
3-4 days in each house be suspended, and this rule is hereby suspended,
3-5 and that this Act take effect and be in force according to its
3-6 terms, and it is so enacted.