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A BILL TO BE ENTITLED
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AN ACT
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relating to creation of a permanent technology endowment fund to |
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supplement funding provided to school districts for education |
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technology. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 32, Education Code, is amended by adding |
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Subchapter G to read as follows: |
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SUBCHAPTER G. TECHNOLOGY ENDOWMENT FUND |
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Sec. 32.301. ESTABLISHMENT OF TECHNOLOGY ENDOWMENT FUND. |
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(a) A permanent technology endowment fund is established as a |
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special fund in the treasury outside the general revenue fund. |
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(b) The technology endowment fund consists of: |
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(1) money transferred to the fund at the direction of |
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the legislature; |
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(2) gifts and grants contributed to the fund; and |
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(3) income from investment of money in the fund. |
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(c) The fund may be invested by the commissioner in |
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securities, bonds, and other investments that the commissioner |
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considers prudent. In making investments under this subsection, |
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the commissioner shall exercise the judgment and care under the |
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circumstances then prevailing that a person of ordinary prudence, |
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discretion, and intelligence exercises in the management of the |
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person's own affairs. |
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Sec. 32.302. USE OF TECHNOLOGY ENDOWMENT FUND. (a) Income |
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from investment of the technology endowment fund may be used only to |
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provide funding to school districts to supplement the technology |
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allotment provided under Section 32.005. |
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(b) The commissioner may adopt rules regarding distribution |
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of funding available under this section. |
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(c) A school district may use funds provided to the |
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district under this section only for a purpose permitted under |
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Section 32.005(b) for use of the technology allotment. |
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SECTION 2. This Act takes effect September 1, 2009. |