Amend CSSB 576 by striking SECTION 2 of the bill (committee
printing page 2, lines 9 through 60) and substituting the
following:
      SECTION 2. Section 74.3011, Property Code, is amended to read
as follows:
      Sec. 74.3011.  DELIVERY OF MONEY TO TEXAS NEW HORIZONS
<RURAL> SCHOLARSHIP TRUST FUND.     (a)  The comptroller shall pay
any amount delivered by local exchange telephone companies as a
group that is in excess of $2 million in any state fiscal year to
the Texas New Horizons Scholarship Trust Fund established under
Section 54.216, Education Code <Notwithstanding and in addition to
any other provision of this chapter or other law, a local telephone
exchange company may deliver reported money to a scholarship fund
for rural students instead of delivering the money to the state
treasurer as prescribed by Section 74.301>.
      (b)  <A local telephone exchange company may deliver the
money under this section only to a scholarship fund established by
one or more local telephone exchange companies in this state to
enable needy students from rural areas to attend college, technical
school, or another postsecondary educational institution.>
      <(c)>  A local telephone exchange company shall file with the
comptroller <state treasurer> a verification of money delivered
under this section that complies with Section 74.302.
      <(d)  A claim for money delivered to a scholarship fund under
this section must be filed with the local telephone exchange
company that delivered the money.  The local telephone exchange
company shall forward the claim to the administrator of the
scholarship fund to which the money was delivered.  The scholarship
fund shall pay the claim if the fund determines in good faith that
the claim is valid.  A person aggrieved by a claim decision may
file a suit against the fund in a district court in the county in
which the administrator of the scholarship fund is located in
accordance with Section 74.506.>
      <(e)  The state treasurer shall prescribe forms and
procedures governing this section, including forms and procedures
relating to:>
            <(1)  notice of presumed abandoned property;>
            <(2)  delivery of reported money to a scholarship fund;
and>
            <(3)  filing of a claim.>
      (c) <(f)>  In this section, "local telephone exchange
company" means a telecommunications utility certificated to provide
local exchange service within this <the> state <and that is a
telephone cooperative or has fewer than 50,000 access lines in
service in this state.>
      <(g)  During a state fiscal year, the total amount of money
that may be transferred by all local telephone exchange companies
under this section may not exceed $400,000.  The state treasury
shall keep a record of the total amount of money transferred
annually.  When the total amount of money transferred during a
state fiscal year equals the amount allowed by this subsection, the
treasury shall notify each local telephone exchange company that
the company may not transfer any additional money to the company's
scholarship fund during the remainder of that state fiscal year>.