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A BILL TO BE ENTITLED
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AN ACT
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relating to delivery of certain unclaimed money to a rural |
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scholarship fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (g), Section 74.3011, Property Code, |
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is amended to read as follows: |
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(g) During a state fiscal year, the total amount of money |
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that may be transferred by all local telephone exchange companies |
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under this section may not exceed $800,000 [$400,000]. The |
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comptroller shall keep a record of the total amount of money |
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transferred annually. When the total amount of money transferred |
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during a state fiscal year equals the amount allowed by this |
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subsection, the comptroller shall notify each local telephone |
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exchange company that the company may not transfer any additional |
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money to the company's scholarship fund during the remainder of |
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that state fiscal year. |
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SECTION 2. This Act takes effect September 1, 2007. |