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A BILL TO BE ENTITLED
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AN ACT
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relating to money distributed by the School Land Board to the |
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available school fund or to the State Board of Education for |
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investment in 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 51.413, Natural Resources Code, is |
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amended to read as follows: |
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Sec. 51.413. TRANSFERS FROM THE REAL ESTATE SPECIAL FUND |
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ACCOUNT TO THE AVAILABLE SCHOOL FUND AND THE PERMANENT SCHOOL FUND. |
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(a) The board may, by a resolution adopted at a regular meeting, |
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release from the real estate special fund account funds previously |
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designated under Section 51.401 [of this chapter] or managed, used, |
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or encumbered under Section 51.402 or Section 51.4021 [of this
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chapter] to be deposited in the State Treasury to the credit of: |
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(1) the available school fund; or |
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(2) the State Board of Education for investment in the |
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permanent school fund. |
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(b) The board shall adopt rules to establish the procedure |
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that will be used by the board to determine the date a transfer will |
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be made and the amount of money that will be transferred to the |
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available school fund or to the State Board of Education for |
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investment in the permanent school fund from the real estate |
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special fund account as provided by Subsection (a). |
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SECTION 2. Subchapter I, Chapter 51, Natural Resources |
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Code, is amended by adding Section 51.4131 to read as follows: |
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Sec. 51.4131. REPORT ON ANTICIPATED TRANSFER OF FUNDS. Not |
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later than September 1 of each even-numbered year, the board shall |
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submit to the legislature, comptroller, State Board of Education, |
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and Legislative Budget Board a report that, specifically and in |
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detail, states the date a transfer will be made and the amount of |
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money the board will transfer during the subsequent state fiscal |
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biennium from the real estate special fund account of the permanent |
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school fund established under Section 51.401 to the available |
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school fund or the State Board of Education for investment in the |
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permanent school fund. |
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SECTION 3. 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, 2015. |