By Lucio S.J.R. No. 33 76R9240 KKA-F A JOINT RESOLUTION 1-1 proposing a constitutional amendment providing for the 1-2 establishment of a public education facilities assistance fund. 1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Article VII, Texas Constitution, is amended by 1-5 adding Section 3a to read as follows: 1-6 Sec. 3a. (a) The public education facilities assistance 1-7 fund is created as a permanent fund outside the treasury with the 1-8 comptroller. The fund shall be administered as provided by law and 1-9 is dedicated to generating income to provide for financial 1-10 assistance to school districts in acquiring land, whether improved 1-11 or unimproved, constructing or equipping school buildings or other 1-12 permanent improvements to land, and acquiring capital equipment for 1-13 school buildings or other permanent improvements to land. The fund 1-14 consists of money deposited to the credit of the fund in accordance 1-15 with law. 1-16 (b) The legislature by law shall provide for distribution of 1-17 income derived from the principal of the fund, including interest 1-18 and dividend income, less administrative expenses not to exceed 1-19 amounts set by law or appropriation, to school districts for the 1-20 purposes stated in this section. The law may provide for 1-21 distribution without appropriation. The legislature may not 1-22 distribute the principal of the fund, except the legislature may 1-23 distribute all or part of capital gains as income. 1-24 (c) For 10 consecutive fiscal years, beginning September 1, 2-1 2001, out of the first money coming into the treasury not otherwise 2-2 appropriated by the Texas Constitution, an amount equal to 2-3 one-quarter of one percent of the total amount of anticipated state 2-4 general revenue for the applicable fiscal year, as determined by 2-5 the comptroller in accordance with Section 49a, Article III, Texas 2-6 Constitution, is transferred to the fund. Notwithstanding 2-7 Subsection (b), in each fiscal year subject to this subsection an 2-8 amount of fund principal not to exceed one-half of the amount 2-9 transferred to the fund under this subsection for that year may be 2-10 used to provide financial assistance to school districts for the 2-11 purposes stated in this section. Any amount of fund principal 2-12 authorized under this subsection to be used in a fiscal year that 2-13 is not used in that year may be carried over for use in a 2-14 subsequent fiscal year. This subsection expires September 1, 2011. 2-15 SECTION 2. This proposed constitutional amendment shall be 2-16 submitted to the voters at an election to be held November 2, 1999. 2-17 The ballot shall be printed to permit voting for or against the 2-18 proposition: "The constitutional amendment creating a fund to 2-19 provide for financial assistance to school districts for the 2-20 acquisition of land, the construction or equipping of school 2-21 buildings, and the acquisition of capital equipment."