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A BILL TO BE ENTITLED
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AN ACT
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relating to establishing a student grant program administered by |
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the Texas Higher Education Coordinating Board funded by depository |
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interest and earnings on certain unclaimed original land grant |
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mineral proceeds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 61, Education Code, is |
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amended by adding Section 61.0908 to read as follows: |
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Sec. 61.0908. STUDENT GRANT PROGRAM FOR CERTAIN HEIRS OF |
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GRANTEES OF ORIGINAL LAND GRANTS. (a) In this section, "original |
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land grant" means an initial conveyance of real property in this |
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state, as evidenced by a certificate, title, or patent from: |
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(1) the Crown of Spain; |
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(2) Mexico; |
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(3) the Republic of Texas; or |
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(4) this state. |
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(b) The board shall establish and administer a grant program |
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to increase the participation at institutions of higher education |
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by heirs of grantees of original land grants whose descendency is |
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established by a final, unappealable judgment. |
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(c) The board by rule shall: |
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(1) design the program established under Subsection |
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(b); |
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(2) prescribe the procedure an heir must use to apply |
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for a grant; |
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(3) prescribe the criteria for awarding a grant; and |
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(4) specify the purposes for which a grant may be used. |
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(d) The comptroller may distribute to the board money |
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appropriated for the purposes of the program in an amount equal to |
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the amount of depository interest and other earnings as provided |
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under Section 74.604(c), Property Code. |
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(e) The board may: |
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(1) solicit and accept gifts and grants from any |
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private or public source for the purposes of this section; and |
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(2) contract with another entity for the |
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administration of the program. |
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(f) The total amount of grants provided under this section |
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may not exceed the amount of money available for the program under |
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this section. |
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SECTION 2. Subchapter D, Chapter 74, Property Code, is |
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amended by adding Section 74.3014 to read as follows: |
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Sec. 74.3014. DELIVERY OF UNCLAIMED MINERAL PROCEEDS. (a) |
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The comptroller shall determine the amount of unclaimed mineral |
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proceeds delivered to the comptroller without the information that |
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the comptroller requires under Section 74.501(c) for a claimant to |
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assert a claim for the mineral proceeds. |
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(b) The comptroller shall annually publish a disclosure of |
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the amount determined under Subsection (a) in a manner determined |
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appropriate by the comptroller, including posting on the |
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comptroller's Internet website or publishing in a newspaper of |
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general circulation in each county in which is located a well the |
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production from which resulted in proceeds included in the amount |
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determined under Subsection (a). |
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SECTION 3. Section 74.601(b), Property Code, is amended to |
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read as follows: |
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(b) Except as provided by Section 74.604, the [The] |
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comptroller shall deposit to the credit of the general revenue |
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fund: |
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(1) all funds, including marketable securities, |
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delivered to the comptroller under this chapter or any other |
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statute requiring the delivery of unclaimed property to the |
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comptroller; |
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(2) all proceeds from the sale of any property, |
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including marketable securities, under this chapter; |
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(3) all funds that have escheated to the state under |
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Chapter 71, except that funds relating to escheated real property |
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shall be deposited according to Section 71.202; and |
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(4) any income derived from investments of the |
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unclaimed money. |
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SECTION 4. Section 74.602, Property Code, is amended to |
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read as follows: |
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Sec. 74.602. USE OF MONEY. Except as provided by Section |
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61.0908, Education Code, Section 381.004, Local Government Code, |
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and Section 74.604 of this code, the comptroller shall use the |
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unclaimed money received under this chapter or any other statute |
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requiring the delivery of unclaimed property to the comptroller to |
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pay the claims of persons or states establishing ownership of |
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property in the possession of the comptroller under this chapter or |
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under any other unclaimed property or escheat statute. |
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SECTION 5. Subchapter G, Chapter 74, Property Code, is |
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amended by adding Section 74.604 to read as follows: |
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Sec. 74.604. USE OF CERTAIN UNCLAIMED MINERAL PROCEEDS. |
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(a) The comptroller shall deposit the amount determined under |
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Section 74.3014 to the credit of an account in the general revenue |
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fund. Money in that account may be appropriated only to pay the |
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claims of persons establishing ownership of the mineral proceeds, |
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except as provided by Subsection (b). |
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(b) Interest and other earnings on money in the account are |
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exempt from Sections 404.071(e)-(g), Government Code, and the |
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comptroller shall retain in the account all depository interest and |
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other earnings accruing on the amount in the account. The |
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accumulated interest and other earnings in the account may be |
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appropriated only for distribution to the Texas Higher Education |
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Coordinating Board for use in accordance with Section 61.0908, |
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Education Code. |
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SECTION 6. (a) The changes in law made by this Act apply to |
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unclaimed mineral proceeds in the possession of the comptroller of |
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public accounts on or after the effective date of this Act. |
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(b) The Texas Higher Education Coordinating Board shall |
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ensure that the student grant program described by Section 61.0908, |
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Education Code, as added by this Act, is established not later than |
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January 1, 2016. |
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SECTION 7. This Act takes effect September 1, 2015. |