| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to funding of the tuition equalization grant program. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter F, Chapter 61, Education Code, is |
|
|
amended by adding Section 61.2245 to read as follows: |
|
|
Sec. 61.2245. PERMANENT FUND FOR TUITION EQUALIZATION |
|
|
GRANTS. (a) The Bob Hunter permanent fund for tuition equalization |
|
|
grants is a special fund in the state treasury outside the general |
|
|
revenue fund. The fund is composed of: |
|
|
(1) gifts and grants contributed to the fund; |
|
|
(2) earnings on the principal of the fund; and |
|
|
(3) other amounts deposited to the credit of the fund. |
|
|
(b) Except as provided by Subsections (c) and (d), money in |
|
|
the fund may not be appropriated for any purpose. |
|
|
(c) The available earnings of the fund may be appropriated |
|
|
to the Texas Higher Education Coordinating Board for the purpose of |
|
|
awarding tuition equalization grants under this subchapter. |
|
|
(d) The board may solicit and accept gifts and grants to the |
|
|
fund. A gift or grant to the fund may be appropriated in the same |
|
|
manner as money in the fund derived from other sources, subject to |
|
|
any limitation or requirement placed on the gift or grant by the |
|
|
donor or granting entity. |
|
|
(e) The board may not award an annual amount of grants from |
|
|
the fund that would result in a decrease in the purchasing power of |
|
|
the principal of the fund and any earnings on the investment of the |
|
|
principal of the fund. |
|
|
(f) Sections 403.095 and 404.071, Government Code, do not |
|
|
apply to the fund. |
|
|
SECTION 2. This Act takes effect September 1, 2007. |