By Counts H.B. No. 2084
77R6975 CAS-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to delivery by local telephone exchange companies to
1-3 scholarship funds for rural students of money that is presumed to
1-4 be abandoned.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 74.3011(g), Property Code, is amended to
1-7 read as follows:
1-8 (g) During a state fiscal year, the total amount of money
1-9 that may be transferred by all local telephone exchange companies
1-10 under this section may not exceed $1 million [$400,000]. The
1-11 comptroller shall keep a record of the total amount of money
1-12 transferred annually. When the total amount of money transferred
1-13 during a state fiscal year equals the amount allowed by this
1-14 subsection, the comptroller shall notify each local telephone
1-15 exchange company that the company may not transfer any additional
1-16 money to the company's scholarship fund during the remainder of
1-17 that state fiscal year.
1-18 SECTION 2. This Act takes effect September 1, 2001.