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SENATE JOINT RESOLUTION
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proposing a constitutional amendment relating to increasing the |
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market value of the permanent school fund for the purpose of |
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allowing increased distributions from 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. Subsection (a), Section 5, Article VII, Texas |
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Constitution, is amended to read as follows: |
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(a) The permanent school fund consists of all land |
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appropriated for public schools by this constitution or the other |
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laws of this state, other properties belonging to the permanent |
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school fund, and all revenue derived from the land or other |
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properties. The available school fund consists of the |
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distributions made to it from the total return on all investment |
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assets of the permanent school fund, the taxes authorized by this |
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constitution or general law to be part of the available school fund, |
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and appropriations made to the available school fund by the |
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legislature. The total amount distributed from the permanent |
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school fund to the available school fund: |
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(1) in each year of a state fiscal biennium must be an |
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amount that is not more than six percent of the average of the |
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market value of the permanent school fund, excluding real property |
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belonging to the fund that is managed, sold, or acquired under |
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Section 4 of this article, but including discretionary real assets |
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investments and cash in the state treasury derived from property |
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belonging to the fund, on the last day of each of the 16 state fiscal |
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quarters preceding the regular session of the legislature that |
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begins before that state fiscal biennium, in accordance with the |
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rate adopted by: |
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(A) a vote of two-thirds of the total membership |
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of the State Board of Education, taken before the regular session of |
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the legislature convenes; or |
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(B) the legislature by general law or |
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appropriation, if the State Board of Education does not adopt a rate |
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as provided by Paragraph (A) of this subdivision; and |
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(2) over the 10-year period consisting of the current |
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state fiscal year and the nine preceding state fiscal years may not |
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exceed the total return on all investment assets of the permanent |
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school fund over the same 10-year period. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by S.J.R. No. 5, 82nd |
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Legislature, Regular Session, 2011, providing for an increase in |
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the market value of the permanent school fund for the purpose of |
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allowing increased distributions from the available school fund. |
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(b) The change to Section 5(a), Article VII, of this |
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constitution made by the amendment applies to a distribution from |
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the permanent school fund to the available school fund made on or |
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after September 1, 2011. |
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(c) This temporary provision expires December 1, 2015. |
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SECTION 3. 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 permit voting for or against the |
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proposition: "The constitutional amendment providing for an |
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increase in the market value of the permanent school fund for the |
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purpose of allowing increased distributions from the available |
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school fund." |