Amend HB 860 as follows:                                                     
	(1)  On page 7, line 19 strike the word "The" and insert in 
lieu thereof "Except as provided in subsection (f),"
	(2)  Add a new subsection (f) on page 8, after line 25 to read 
as follows:   
	(f)  This subsection applies only to a university system, as 
defined by Section 61.003(10), education code.  The appropriation 
for expenditure in any year of an amount greater than nine percent 
of the fair market value of an endowment fund with an aggregate 
value of $450 million or more, calculated on the basis of market 
values determined at least quarterly and averaged over a period of 
not less than three years immediately preceding the year in which 
the appropriation for expenditure was made, creates a rebuttable 
presumption of imprudence.  For an endowment fund in existence for 
fewer than three years, the fair market value of the endowment fund 
must be calculated for the period the endowment fund has been in 
existence.  This subsection does not:
		(1)  apply to an appropriation for expenditure 
permitted under law other than this chapter or by the gift 
instrument; or
		(2)  create a presumption of prudence for an 
appropriation for expenditure of an amount less than or equal to 
nine percent of the fair market value of the endowment fund.
	(3)  Renumber subsequent subsections accordingly.