82R11453 KKA-D
 
  By: Orr, Aycock, Hochberg, Pitts, Otto, H.B. No. 2646
      et al.
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to distribution by the School Land Board of revenue
  derived from permanent school fund land or other properties to the
  available school fund.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 51.413, Natural Resources Code, is
  amended to read as follows:
         Sec. 51.413.  TRANSFERS FROM THE REAL ESTATE SPECIAL FUND
  ACCOUNT TO THE AVAILABLE SCHOOL FUND AND THE PERMANENT SCHOOL FUND.
  (a) Each year the board shall distribute to the available school
  fund an amount equal to 50 percent of the net revenue derived during
  that year from permanent school fund land or other permanent school
  fund properties managed by the board.
         (b)  In addition to the action required under Subsection (a),
  the [The] board may, by a resolution adopted at a regular meeting,
  release from the real estate special fund account additional funds
  previously designated under Section 51.401 [of this chapter] or
  managed, used, or encumbered under Section 51.402 or Section
  51.4021 [of this chapter] to be deposited in the State Treasury to
  the credit of:
               (1)  the available school fund; or
               (2)  the State Board of Education for investment in the
  permanent school fund.
         SECTION 2.  This Act takes effect September 1, 2011.