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A BILL TO BE ENTITLED
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AN ACT
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relating to disposition of proceeds from the development or sale of |
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the rights to natural resources or minerals in land held for the |
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county permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 45, Education Code, is |
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amended by adding Section 45.114 to read as follows: |
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Sec. 45.114. DEVELOPMENT OR SALE OF RIGHTS TO NATURAL |
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RESOURCES OR MINERALS IN LAND HELD FOR COUNTY PERMANENT SCHOOL |
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FUND. Notwithstanding former Subchapter E, Chapter 17, as that |
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subchapter existed on May 1, 1995, the commissioners court of a |
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county that borders the United Mexican States with a population of |
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more than 190,000 but less than 250,000 that holds lands in trust |
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for school district(s) under this subchapter may: |
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(1) develop or sell the rights to natural resources or |
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minerals in the land; and |
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(2) with agreement of the school district(s) for which |
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the land is held in trust, obtain from the proceeds of a disposition |
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under Subdivision (1) reimbursement of the county's expenses |
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incurred in connection with the disposition. |
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SECTION 2. This Act takes effect December 1, 2009, but only |
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if the constitutional amendment proposed by the 81st Legislature, |
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Regular Session, 2009, authorizing a county to recover expenses |
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from proceeds of the county permanent school fund incurred by the |
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county in a transaction to develop or sell the rights to natural |
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resources or minerals in county permanent school fund property, is |
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approved by the voters. If that amendment is not approved, this Act |
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has no effect. |