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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the School Land Board to designate |
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certain revenue for deposit in the real estate special fund account |
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of the permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 51.401, Natural Resources Code, is |
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amended by amending Subsection (a) and adding Subsection (a-1) to |
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read as follows: |
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(a) Except as provided by Subsection (a-1), the [The] board |
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may designate funds received from any land, mineral or royalty |
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interest, real estate investment, or other interest, including |
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revenue received from those sources, that is set apart to the |
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permanent school fund under the constitution and laws of this state |
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together with the mineral estate in riverbeds, channels, and the |
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tidelands, including islands, for deposit in the real estate |
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special fund account of the permanent school fund in the State |
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Treasury to be used by the board as provided by this subchapter. |
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(a-1) The board may not designate revenue received from a |
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mineral or royalty interest, other than revenue received from the |
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sale of a mineral or royalty interest, for deposit in the real |
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estate special fund account of the permanent school fund. |
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SECTION 2. This Act takes effect September 1, 2013. |