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A BILL TO BE ENTITLED
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AN ACT
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relating to disposition of proceeds from the development or sale of |
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the rights to natural resources or minerals in land held by Webb |
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County for the county permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 45, Education Code, is |
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amended by adding Section 45.114 to read as follows: |
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Sec. 45.114. DEVELOPMENT OR SALE OF RIGHTS TO NATURAL |
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RESOURCES OR MINERALS IN LAND HELD FOR COUNTY PERMANENT SCHOOL FUND |
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BY WEBB COUNTY. Notwithstanding former Subchapter E, Chapter 17, |
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as that subchapter existed on May 1, 1995, the Commissioners Court |
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of Webb County may: |
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(1) develop or sell the rights to natural resources or |
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minerals in lands held in trust by Webb County under Section 6, |
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Article VII, Texas Constitution; and |
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(2) enter into an agreement described by Sections |
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6(b)(2) and (c), Article VII, Texas Constitution. |
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SECTION 2. This Act takes effect December 1, 2011, but only |
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if the constitutional amendment proposed by the 82nd Legislature, |
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Regular Session, 2011, authorizing Webb County to obtain proceeds |
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of the county permanent school fund and recover from proceeds of the |
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county permanent school fund expenses incurred by the county in a |
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transaction to develop or sell rights to natural resources or |
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minerals in county permanent school fund property and distribute |
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the proceeds remaining after reimbursement to school districts for |
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which the property is held in trust is approved by the voters. If |
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that amendment is not approved, this Act has no effect. |