| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to transfers from the permanent school fund to the |
|
|
available school fund. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 43.002, Education Code, is amended by |
|
|
amending Subsection (a) and adding Subsection (a-1) to read as |
|
|
follows: |
|
|
(a) On the first working day of each month in a state fiscal |
|
|
year, the comptroller shall transfer from the permanent school fund |
|
|
to the available school fund an amount equal to [one-twelfth of] the |
|
|
annual distribution for that fiscal year from the permanent school |
|
|
fund to the available school fund as provided by Section 5(a), |
|
|
Article VII, Texas Constitution, less the amount that has already |
|
|
been transferred during the fiscal year, divided by the number of |
|
|
months remaining in [for] the fiscal year. |
|
|
(a-1) If compliance with Section 5(a)(2), Article VII, |
|
|
Texas Constitution, does not permit monthly transfers under |
|
|
Subsection (a) that distribute the full amount of the total return |
|
|
on the permanent school fund, at the rate adopted under Section |
|
|
5(a)(1), Article VII, Texas Constitution, to be transferred to the |
|
|
available school fund in the first year of a state fiscal biennium, |
|
|
monthly transfers in the second year of the state fiscal biennium |
|
|
may, to the extent authorized by the State Board of Education or its |
|
|
successor in function for purposes of this section, be increased to |
|
|
transfer amounts adopted for the first year of the state fiscal |
|
|
biennium but not transferred in that year. |
|
|
SECTION 2. This Act takes effect September 1, 2009. |