1-1 By: Junell (Senate Sponsor - Ellis) H.B. No. 3558
1-2 (In the Senate - Received from the House May 2, 2001;
1-3 May 3, 2001, read first time and referred to Committee on
1-4 Education; May 10, 2001, reported favorably by the following vote:
1-5 Yeas 7, Nays 0; May 10, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the sale, lease, and purchase of interests in real
1-9 property for the permanent school fund.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Sections 51.401(a) and (c)-(e), Natural Resources
1-12 Code, are amended to read as follows:
1-13 (a) The board may designate funds [money] received from the
1-14 sale of permanent school fund [public school] land under this
1-15 chapter and the proceeds of future mineral leases and royalties
1-16 generated from existing and future active leases of permanent
1-17 school fund mineral interests received under Chapters 52 and 53 of
1-18 this code for deposit in a special fund account of the permanent
1-19 school fund in the State Treasury to be used by the board to
1-20 acquire fee or lesser interests in real property, including mineral
1-21 and royalty interests, for the use and benefit of the permanent
1-22 school fund, as provided by Section 51.402 of this subchapter.
1-23 (c) Money received from the sale of a particular piece of
1-24 land and designated for the acquisition of interests in real
1-25 property [land] under this subchapter must be used by the board not
1-26 later than two years after the date of the sale of land from which
1-27 the money is derived. Money received from the lease of minerals
1-28 and royalties derived from active leases and designated for the
1-29 acquisition of interests in real property under this subchapter
1-30 must be used by the board not later than two years after the date
1-31 the money is deposited in the special fund account.
1-32 (d) Any money remaining [from a specific sale that remains]
1-33 in the special fund account for longer than two years shall be
1-34 deposited in the State Treasury to the credit of the permanent
1-35 school fund.
1-36 (e) Section [Sections 403.094 and] 403.095, Government Code,
1-37 does [do] not apply to a fund account created under this section.
1-38 SECTION 2. The heading to Section 51.402, Natural Resources
1-39 Code, is amended to read as follows:
1-40 Sec. 51.402. [LAND] ACQUISITION OF INTERESTS IN REAL
1-41 PROPERTY.
1-42 SECTION 3. Section 51.402(a), Natural Resources Code, is
1-43 amended to read as follows:
1-44 (a) The board may use the money designated under Section
1-45 51.401 of this subchapter to acquire property for any of the
1-46 following purposes:
1-47 (1) to add to a tract of public school land to form a
1-48 tract of sufficient size to be manageable;
1-49 (2) to add contiguous land to public school land; [or]
1-50 (3) to acquire, as public school land, property of
1-51 unique biological, commercial, geological, cultural, or
1-52 recreational value; or
1-53 (4) to acquire mineral and royalty interests for the
1-54 use and benefit of the permanent school fund.
1-55 SECTION 4. This Act takes effect September 1, 2001.
1-56 * * * * *