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A JOINT RESOLUTION
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proposing a constitutional amendment to establish a permanent |
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endowment to support the construction, acquisition, improvement, |
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and equipping of buildings, facilities, and other improvements at |
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public junior and community colleges. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VII, Texas Constitution, is amended by |
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adding Section 21 to read as follows: |
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Sec. 21. (a) There is established the permanent public |
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community college fund for the purpose of providing a dedicated, |
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independent, and equitable source of funding to support the |
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construction, acquisition, improvement, and equipping of |
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buildings, facilities, and other improvements at public junior and |
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community colleges. |
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(b) The fund consists of money transferred or deposited to |
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the credit of the fund and any interest or other return on the |
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investment assets of the fund. The legislature may dedicate state |
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revenue to the credit of the fund. |
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(c) The legislature shall provide for administration of the |
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fund, which shall be invested in the manner and according to the |
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standards provided for investment of the permanent university fund. |
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The expenses of managing the investments of the fund shall be paid |
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from the fund. |
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(d) In each state fiscal biennium, the legislature may |
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appropriate as provided by Subsection (f) of this section all or a |
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portion of the total return on all investment assets of the fund to |
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carry out the purposes for which the fund is established. |
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(e) The legislature shall allocate the amounts appropriated |
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under this section, or shall provide for an allocation of those |
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amounts, to eligible junior college districts to carry out the |
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purposes of the fund. The money shall be allocated based on an |
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equitable formula established by the legislature or by an agency |
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designated by the legislature. |
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(f) The portion of the total return on investment assets of |
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the fund that is available for appropriation in a state fiscal |
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biennium under this section is the portion determined by the |
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legislature, or an agency designated by the legislature, as |
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necessary to provide as nearly as practicable a stable and |
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predictable stream of annual distributions to eligible junior |
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college districts and to maintain over time the purchasing power of |
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fund investment assets. The amount appropriated from the fund in |
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any fiscal year may not exceed an amount equal to seven percent of |
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the average net fair market value of the investment assets of the |
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fund, as determined by law. |
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(g) The legislature shall establish criteria by which a |
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junior college district may become eligible to receive a portion of |
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the distributions from the fund. A junior college district that |
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becomes eligible to receive a portion of the distributions from the |
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fund in a state fiscal biennium remains eligible to receive |
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additional distributions from the fund in any subsequent state |
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fiscal biennium. |
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(h) A junior college district may use distributions from the |
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fund only for the construction, acquisition, improvement, and |
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equipping of buildings, facilities, and other improvements at |
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public junior college and community college campuses operated by |
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the districts, including to pay the principal and interest on bonds |
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or other obligations issued for that purpose. |
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SECTION 2. Section 49-g, Article III, Texas Constitution, |
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is amended by adding Subsection (p) to read as follows: |
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(p) Notwithstanding the other provisions of this section, |
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on the first day of each state fiscal year, the comptroller shall |
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transfer from the economic stabilization fund to the permanent |
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public community college fund established under Section 21, Article |
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VII, of this constitution an amount equal to 10 percent of the total |
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amount of funds deposited into the economic stabilization fund in |
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the preceding state fiscal year. |
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SECTION 3. Section 18, Article VII, Texas Constitution, is |
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amended by adding Subsection (k) to read as follows: |
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(k) Notwithstanding the other provisions of this section, |
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in each state fiscal year, before any other amounts are distributed |
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under those provisions from the available university fund, the |
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Board of Regents of The University of Texas System shall transfer |
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from the available university fund to the permanent public |
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community college fund established under Section 21 of this article |
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an amount equal to one percent of the amount distributed from the |
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permanent university fund to the available university fund in that |
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fiscal year. This subsection expires when the comptroller of |
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public accounts certifies to the governor and the Board of Regents |
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of The University of Texas System that the balance of the permanent |
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public community college fund is sufficient to provide annual |
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distributions to adequately fund the construction, acquisition, |
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improvement, and equipping of buildings, facilities, and other |
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improvements at public junior and community colleges. |
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SECTION 4. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2015. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to establish a |
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permanent endowment to support the construction, acquisition, |
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improvement, and equipping of buildings, facilities, and other |
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improvements at public junior and community colleges." |