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A BILL TO BE ENTITLED
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AN ACT
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relating to the distribution of money appropriated from the |
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national research university fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 62.148, Education Code, is amended to |
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read as follows: |
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Sec. 62.148. DISTRIBUTION [ALLOCATION] OF APPROPRIATED |
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FUNDS TO ELIGIBLE INSTITUTIONS. (a) In each state fiscal year, the |
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comptroller shall distribute to eligible institutions the total |
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amount appropriated from the fund for that fiscal year. |
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(b) The total amount appropriated from the fund for any |
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state fiscal year may not exceed an amount equal to 3.5 percent of |
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the average net market value of the investment assets of the fund |
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for the 12 consecutive state fiscal quarters ending with the last |
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quarter of the preceding state fiscal year, as determined by the |
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comptroller. |
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(b-1) For purposes of Subsection (b), for a state fiscal |
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quarter that includes any period before the fund was established on |
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January 1, 2010, a reference to the average net market value of the |
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investment assets of the fund includes the average net market value |
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of the investment assets of the former higher education fund for the |
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applicable state fiscal quarter. This subsection expires January |
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1, 2014. |
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(c) Of the total amount appropriated from the fund for a |
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state fiscal year, each eligible institution is entitled to a |
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distribution in an amount equal to the sum of: |
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(1) one-seventh of the total amount appropriated; and |
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(2) an equal share of any amount remaining after |
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distributions are calculated under Subdivision (1), not to exceed |
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an amount equal to one-fourth of that remaining amount. |
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(d) The comptroller shall retain within the fund any portion |
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of an appropriated amount that remains after all distributions are |
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made for a state fiscal year as prescribed by Subsection (c). The |
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appropriation of that retained amount lapses at the end of that |
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state fiscal year. [The amount shall be allocated to the eligible
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institutions based on an equitable formula adopted by the
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legislature to carry out the purposes of the fund as established by
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Section 20, Article VII, Texas Constitution.
In adopting the
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allocation formula, the legislature may consider the
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recommendations of the coordinating board, including
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recommendations on the appropriate elements and relative weights of
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elements of the formula.] |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |