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A BILL TO BE ENTITLED
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AN ACT
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relating to interest and income earned on money deposited in the |
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Texas cultural endowment fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 444.026(c), Government Code, is amended |
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to read as follows: |
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(c) Interest and income earned [before September 1, 1994,] |
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on money deposited in the endowment fund shall be deposited to the |
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credit of the endowment fund. Interest and income earned on [or
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after September 1, 1994, on] money deposited in the endowment fund |
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may [shall] be [deposited to the credit of the endowment fund and
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then] transferred by the commission [on September 1 of each year] to |
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the Texas Commission on the Arts operating fund and spent as |
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authorized by legislative appropriation. If the commission, acting |
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under this subsection, transfers for use during a state fiscal |
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biennium any money from the endowment fund to the operating fund and |
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if the commission determines that it will not spend all of the |
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appropriations made to the commission for use during the biennium, |
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the commission may, not later than the 90th day after the end of the |
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biennium, transfer from the operating fund to the endowment fund an |
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amount not to exceed the lesser of: |
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(1) the amount of interest and income transferred from |
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the endowment fund to the operating fund during the biennium; and |
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(2) the amount of the appropriations available for use |
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during the biennium that the commission does not spend. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |