1-1     By:  Nixon                                             S.B. No. 848
 1-2           (In the Senate - Filed March 3, 1999; March 8, 1999, read
 1-3     first time and referred to Committee on Finance; April 27, 1999,
 1-4     reported favorably by the following vote:  Yeas 9, Nays 0;
 1-5     April 27, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the use of a scholarship fund for fifth-year accounting
 1-9     students.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Subsections (c) and (d), Section 32, Public
1-12     Accountancy Act of 1991 (Article 41a-1, Vernon's Texas Civil
1-13     Statutes), are amended to read as follows:
1-14           (c)  Each fee collected under this section shall be deposited
1-15     to the credit of the scholarship fund for fifth-year accounting
1-16     students as a special fund in the [state] treasury outside the
1-17     general revenue fund [to the credit of a special fund to be known
1-18     as the scholarship fund for fifth-year accounting students].  The
1-19     fund may be appropriated [used] only to [by] the Texas Higher
1-20     Education Coordinating Board for providing scholarships to
1-21     accounting students in the fifth year of a program that would
1-22     qualify the recipient to apply to become a certified public
1-23     accountant, as provided by Subchapter N, Chapter 61, Education
1-24     Code, and to [by] the Texas Higher Education Coordinating Board and
1-25     the Texas State Board of Public Accountancy for paying associated
1-26     administrative costs, subject to Subsection (e) of this section.
1-27     Interest earned on the fund shall be credited to the fund.
1-28           (d)  The fund is exempt from the application of Section
1-29     403.095 [Notwithstanding  Section 404.071], Government Code[,
1-30     interest earned on amounts  in the scholarship fund for fifth-year
1-31     accounting students shall be credited to that fund].
1-32           SECTION 2.  On the effective date of this Act, the
1-33     comptroller of public accounts shall transfer the balance of the
1-34     scholarship fund for fifth-year accounting students as it exists
1-35     immediately before the effective date of this Act to the special
1-36     fund outside the general revenue fund created by this Act.
1-37           SECTION 3.  The importance of this legislation and the
1-38     crowded condition of the calendars in both houses create an
1-39     emergency and an imperative public necessity that the
1-40     constitutional rule requiring bills to be read on three several
1-41     days in each house be suspended, and this rule is hereby suspended,
1-42     and that this Act take effect and be in force from and after its
1-43     passage, and it is so enacted.
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