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A BILL TO BE ENTITLED
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AN ACT
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relating to distribution by the School Land Board of revenue |
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derived from permanent school fund land or other properties to the |
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available school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 51.413, Natural Resources Code, is |
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amended to read as follows: |
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Sec. 51.413. TRANSFERS FROM THE REAL ESTATE SPECIAL FUND |
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ACCOUNT TO THE AVAILABLE SCHOOL FUND AND THE PERMANENT SCHOOL FUND. |
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(a) Each year the board shall distribute to the available school |
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fund an amount equal to 50 percent of the net revenue derived during |
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that year from permanent school fund land or other permanent school |
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fund properties managed by the board. |
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(b) In addition to the action required under Subsection (a), |
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the [The] board may, by a resolution adopted at a regular meeting, |
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release from the real estate special fund account additional funds |
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previously designated under Section 51.401 [of this chapter] or |
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managed, used, or encumbered under Section 51.402 or Section |
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51.4021 [of this chapter] to be deposited in the State Treasury to |
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the credit of: |
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(1) the available school fund; or |
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(2) the State Board of Education for investment in the |
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permanent school fund. |
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SECTION 2. This Act takes effect September 1, 2011. |