By Lucio S.J.R. No. 40 77R3699 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 fund 1-7 is created as a permanent fund outside the treasury with the 1-8 comptroller of public accounts. The fund shall be administered as 1-9 provided by law and is dedicated to generating income to provide 1-10 for financial assistance to school districts in acquiring land, 1-11 whether improved or unimproved, constructing or equipping school 1-12 buildings or other permanent improvements to land, and acquiring 1-13 capital equipment for school buildings or other permanent 1-14 improvements to land. The fund consists of money deposited to the 1-15 credit of the fund in accordance 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 2003, out of the first money coming into the treasury not otherwise 2-2 appropriated by the Texas Constitution, an amount equal to one 2-3 percent of the total amount of anticipated state general revenue 2-4 for the applicable fiscal year, as determined by the comptroller of 2-5 public accounts in accordance with Section 49a, Article III, Texas 2-6 Constitution, is transferred to the fund. Notwithstanding 2-7 Subsection (b) of this section, in each fiscal year subject to this 2-8 subsection an amount of fund principal not to exceed one-half of 2-9 the amount transferred to the fund under this subsection for that 2-10 year may be used to provide financial assistance to school 2-11 districts for the purposes stated in this section. Any amount of 2-12 fund principal authorized under this subsection to be used in a 2-13 fiscal year that is not used in that year may be carried over for 2-14 use in a subsequent fiscal year. This subsection expires September 2-15 1, 2013. 2-16 SECTION 2. This proposed constitutional amendment shall be 2-17 submitted to the voters at an election to be held November 6, 2001. 2-18 The ballot shall be printed to permit voting for or against the 2-19 proposition: "The constitutional amendment creating a fund to 2-20 provide for financial assistance to school districts for the 2-21 acquisition of land, the construction or equipping of school 2-22 buildings, and the acquisition of capital equipment."