By Davis                                        H.B. No. 2241

      75R7607 CAS-F                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to maintaining records concerning the transfer of money to

 1-3     a scholarship fund for urban students.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Section 74.3012(g), Property Code, is amended to

 1-6     read as follows:

 1-7           (g)  [During the 1995-1996 fiscal year, the total amount of

 1-8     money that may be transferred by all local exchange companies under

 1-9     this section may not exceed $400,000.  During each subsequent state

1-10     fiscal year, the total amount of money that may be transferred by

1-11     all local exchange companies under this section may not exceed the

1-12     total amount of money transferred to rural scholarship funds under

1-13     Section 74.3011 during the previous state fiscal year.]  The

1-14     comptroller [state treasury] shall keep a record of the total

1-15     amount of money transferred annually by local exchange companies

1-16     under this section.  [If the total amount of money transferred

1-17     during a state fiscal year equals the amount allowed by this

1-18     subsection, the treasury shall notify each local exchange company

1-19     that the company may not transfer any additional money to the

1-20     company's scholarship fund during the remainder of that state

1-21     fiscal year.]

1-22           SECTION 2.  This Act takes effect September 1, 1997.

1-23           SECTION 3.  The importance of this legislation and the

1-24     crowded condition of the calendars in both houses create an

 2-1     emergency and an imperative public necessity that the

 2-2     constitutional rule requiring bills to be read on three several

 2-3     days in each house be suspended, and this rule is hereby suspended.