SRC-ARR S.B. 1493 76(R) BILL ANALYSIS Senate Research Center S.B. 1493 76R6888 CAG-FBy: Duncan Higher Education 4/9/1999 As Filed DIGEST The economic future of Texas depends on an educated workforce and a cutting-edge technology business environment. In order to compete with other regional and international markets, funds should be created to enhance the quality of student instruction, attract and retain more high quality faculty, leverage federal research support, and increase technology transfer to the private sector. S.B. 1493 would create and provide for the administration of the research university fund. PURPOSE As proposed, S.B. 1493 creates and provides for the administration of the research university fund. RULEMAKING AUTHORITY Rulemaking authority is granted to the comptroller of public accounts and the Texas Higher Education Coordinating Board in SECTION 3 of this bill. SECTION BY SECTION ANALYSIS SECTION 1. Amends Title 3H, Education Code, by adding Chapter 151, as follows: CHAPTER 151. RESEARCH UNIVERSITY FUND Sec.151.001. PURPOSE. Sets forth the purpose of the research university fund (fund). Sec. 151.002. DEFINITIONS. Defines "Carnegie classification," "coordinating board," and "eligible institution." Sec. 151.003. RESEARCH UNIVERSITY FUND. Provides that the fund is a fund outside the state treasury in the custody of the comptroller. Authorizes the legislature to appropriate not less than $50 million to the fund. Requires the coordinating board to recommend to the legislature a method of formula to allocate the money in the fund to the eligible institutions. Authorizes an amount allocated from the fund to an eligible institution to be used only to further the purpose of this chapter. Requires the comptroller to administer and invest the fund in the same manner as the permanent university fund. SECTION 2. Repealer: Section 62.025, Education Code (Deposit of $50 Million); Section 62.026, Education Code (Higher Education Fund). SECTION 3. Requires the comptroller and the Texas Higher Education Coordinating Board, not later than September 1, 1999, to adopt rules necessary to administer Chapter 151, Education Code, as added by this Act. SECTION 4. Emergency clause. Effective date: upon passage.