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A JOINT RESOLUTION
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proposing a constitutional amendment to clarify references to the |
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permanent school fund and to allow the General Land Office or other |
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entity to distribute revenue derived from permanent school fund |
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land or other properties to the available school fund. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-b(h), Article III, Texas |
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Constitution, is amended to read as follows: |
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(h) Lands purchased and comprising a part of the Veterans' |
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Land Fund are declared to be held for a governmental purpose, but |
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the individual purchasers of those lands shall be subject to |
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taxation to the same extent and in the same manner as are purchasers |
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of lands dedicated to the Permanent [Free Public] School Fund. The |
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lands shall be sold to veterans in quantities, on terms, at prices, |
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and at fixed, variable, floating, or other rates of interest, |
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determined by the Board and in accordance with rules of the Board. |
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Notwithstanding any provisions of this section to the contrary, |
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lands in the Veterans' Land Fund that are offered for sale to |
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veterans and that are not sold may be sold or resold to the |
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purchasers in quantities, on terms, at prices, and at rates of |
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interest determined by the Board and in accordance with rules of the |
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Board. |
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SECTION 2. Sections 2 and 4, Article VII, Texas |
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Constitution, are amended to read as follows: |
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Sec. 2. All funds, lands and other property heretofore set |
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apart and appropriated for the support of public schools; all the |
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alternate sections of land reserved by the State out of grants |
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heretofore made or that may hereafter be made to railroads or other |
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corporations of any nature whatsoever; one half of the public |
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domain of the State; and all sums of money that may come to the State |
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from the sale of any portion of the same, shall constitute a |
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permanent [perpetual public] school fund. |
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Sec. 4. The lands herein set apart to the Permanent [Public
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Free] School fund, shall be sold under such regulations, at such |
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times, and on such terms as may be prescribed by law; and the |
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Legislature shall not have power to grant any relief to purchasers |
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thereof. The proceeds of such sales must be used to acquire other |
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land for the Permanent [Public Free] School fund as provided by law |
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or the proceeds shall be invested by the comptroller of public |
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accounts, as may be directed by the Board of Education herein |
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provided for, in the bonds of the United States, the State of Texas, |
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or counties in said State, or in such other securities, and under |
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such restrictions as may be prescribed by law; and the State shall |
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be responsible for all investments. |
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SECTION 3. Section 5, Article VII, Texas Constitution, is |
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amended by adding Subsection (g) to read as follows: |
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(g) Notwithstanding any other provision of this |
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constitution or of a statute, the General Land Office or an entity |
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other than the State Board of Education that has responsibility for |
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the management of permanent school fund land or other properties |
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may in its sole discretion distribute to the available school fund |
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each year any or all revenue derived during that year from the land |
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or properties. |
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SECTION 4. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 8, 2011. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment clarifying references |
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to the permanent school fund and allowing the General Land Office to |
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distribute revenue from permanent school fund land or other |
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properties to the available school fund to provide additional |
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funding for public education |
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." |