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.