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A JOINT RESOLUTION
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proposing a constitutional amendment to dedicate certain royalties |
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from oil production on permanent university fund lands to create an |
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endowment within the fund to support research and development in |
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alternative energy, renewable energy, and energy conservation. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VII, Texas Constitution, is amended by |
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adding Section 11c to read as follows: |
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Sec. 11c. (a) The portion of royalties received from oil |
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production on permanent university fund land that is attributable |
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to the portion of the price of the oil produced that exceeds $100 |
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per barrel shall constitute a dedicated endowment within the |
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permanent university fund. |
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(b) The endowment shall be invested and managed in the same |
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manner as and together with the remainder of the permanent |
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university fund. A portion of any increase or decrease in the total |
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value of all investments and other assets of the fund shall be |
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credited to the endowment in proportion to the percentage of the |
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total value of the fund that is attributable to the endowment. |
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(c) This section does not apply to royalties received from |
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oil production that occurred before January 1, 2010. |
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SECTION 2. Section 18, Article VII, Texas Constitution, is |
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amended by adding Subsection (e-1) to read as follows: |
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(e-1) Of the annual amounts appropriated by Subsection (f) |
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of this section to the board of regents of The Texas A&M University |
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System and the board of regents of The University of Texas System, a |
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percentage that is equal to the percentage of the total investments |
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and other assets of the permanent university fund that is |
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attributable to the endowment established by Section 11c shall be |
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used solely to support research and development by one or more |
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institutions within the applicable university system in |
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alternative energy, renewable energy, and energy conservation. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to dedicate certain |
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royalties from oil production on permanent university fund lands to |
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create an endowment within the fund to support research and |
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development in alternative energy, renewable energy, and energy |
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conservation." |