SRC-JXG S.B. 848 76(R)BILL ANALYSIS


Senate Research CenterS.B. 848
By: Nixon
Finance
6/29/1999
Enrolled


DIGEST 

Currently, a portion of the license renewal fee for a certified public
accountant goes to a scholarship fund for fifth-year accounting students.
This money is deposited into the general revenue fund, rather than in a
separate account. S.B. 848 will create a special fund for the scholarship
outside of the general revenue fund, and will ensure that the scholarship
money goes only to accounting scholarships. 
 
PURPOSE

As enrolled, S.B. 848 creates a special fund to ensure that scholarship
money goes directly for accounting scholarships. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Sections 32(c) and (d), Article 41a-1, V.T.C.S., to
require each fee collected under this section to be deposited to the credit
of the scholarship fund (fund) for fifth-year accounting students as a
special fund in the treasury outside the general revenue fund. Authorizes
the fund to be appropriated only to the Texas Higher Education Coordinating
Board for providing scholarships to accounting students in the fifth year
program. Requires interest earned on the fund to be credited to the fund.
Provides that the fund is exempt from the application of Section 403.095,
rather than Section 404.071, Government Code. Deletes text regarding credit
and interest earned on a special fund known as the scholarship fund for
fifth-year accounting students. Makes conforming changes. 

SECTION 2. Requires the comptroller of public accounts to transfer the
balance of the scholarship fund for fifth-year accounting students as it
exists immediately before the effective date of this Act to the special
fund outside the general revenue fund created by this Act, on the effective
date of this Act. 

SECTION 3. Emergency clause.
           Effective date: upon passage.