By: Duncan, et al. S.J.R. No. 61

Substitute the following for S.J.R. No. 61:

By: Aycock C.S.S.J.R. No. 61

A JOINT RESOLUTION

proposing a constitutional amendment providing for the continuation of the constitutional appropriation of money to certain higher education entities and for the appropriation and allocation of income from the higher education fund for the purpose of performing certain repairs or rehabilitation of permanent improvements at those entities.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Sections 17(b) and (i), Article VII, Texas Constitution, are amended to read as follows:

(b) The funds appropriated under Subsections [Subsection] (a) and (i) of this section shall be for the use of the following eligible agencies and institutions of higher education (even though their names may be changed):

(1) [East Texas State University including East Texas State University at Texarkana;

[(2)] Lamar University including Lamar State College--Orange [University at Orange] and Lamar State College--Port Arthur [University at Port Arthur];

(2) [(3)] Midwestern State University;

(3) [(4)] University of North Texas;

(4) [(5)] The University of Texas--Pan American;

(5) [including] The University of Texas at Brownsville;

(6) Stephen F. Austin State University;

(7) University of North Texas Health Science Center at Fort Worth [Texas College of Osteopathic Medicine];

(8) Texas State University System Administration and the [following] component institutions of the system listed in this subsection;[:]

(9) Angelo State University;

(10) Sam Houston State University;

(11) [Southwest] Texas State University--San Marcos;

(12) Sul Ross State University including Sul Ross University Rio Grande College [Uvalde Study Center];

(13) Texas Southern University;

(14) Texas Tech University;

(15) Texas Tech University Health Sciences Center;

(16) Texas Woman's University;

(17) University of Houston System Administration and the [following] component institutions of the system listed in this subsection;[:]

(18) University of Houston;

(19) University of Houston--Victoria;

(20) University of Houston--Clear Lake;

(21) University of Houston--Downtown;

(22) Texas A&M University--Corpus Christi;

(23) Texas A&M International University;

(24) Texas A&M University--Kingsville;

(25) West Texas A&M University;

(26) Texas A&M University--Commerce;

(27) Texas A&M University--Texarkana; and

(28) [(26)] Texas State Technical College System and its campuses, but not its extension centers or programs.

(i) The legislature by general law may dedicate portions of the state's revenues to the creation of a dedicated fund ("the higher education fund") for the purposes expressed in Subsection (a) of this section. The legislature shall provide for administration of the fund, which shall be invested in the manner provided for investment of the permanent university fund. The income from the investment of the higher education fund shall be credited to the higher education fund until such time as the fund totals $2 billion. The principal of the higher education fund shall never be expended. [At the beginning of the fiscal year after the fund reaches $2 billion, as certified by the comptroller of public accounts, the dedication of general revenue funds provided for in Subsection (a) of this section shall cease.] At the beginning of each [the] fiscal year after the fund reaches $2 billion, [and each year thereafter,] 10 percent of the interest, dividends, and other income accruing from the investments of the higher education fund during the previous fiscal year shall be deposited to the credit of the fund and become part of the principal of the fund, and [out of] the remainder of the annual income from the investment of the principal of the fund [there] shall be appropriated for purposes of the major repair or rehabilitation of buildings, facilities, and other permanent improvements at higher education entities described by Subsection (a). The amount appropriated each fiscal year by this subsection [an annual sum sufficient to pay the principal and interest due on the bonds and notes issued under this section and the balance of the income] shall be allocated and[,] distributed to those entities for those purposes pursuant to an equitable formula provided by general law[,] and may be expended only for those purposes in addition to [as provided for] the appropriations made under Subsection (a).

SECTION 2. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 6, 2007. The ballot shall be printed to permit voting for or against the proposition: "The constitutional amendment providing for the continuation of the constitutional appropriation of money to certain higher education entities and for the appropriation and allocation of income from the higher education fund for the purpose of performing certain repairs or rehabilitation of permanent improvements at those entities."