The bill would add Chapter 106 to the Health and Safety Code to establish the Brain Institute of Texas (institute) to conduct research on brain-related health and diseases. Research would be funded by grants from the institute through revenue from general obligation bonds, legislative appropriations, gifts, grants, interest, dividends, and other income. The bill would establish a higher education advisory committee, an oversight committee, and a research committee.
The bill would require that all appointments are made to the oversight committee no later than December 1, 2022. The oversight committee would not be able to begin official action until a majority of the appointed officers have taken office.
The bill would require the oversight committee to hire a chief executive officer and a chief compliance officer for the institute. The bill would authorize the chief executive officer to hire any other officer position the chief executive officer determines necessary.
The bill would establish the Brain Institute of Texas Research Fund as a dedicated account in the General Revenue Fund which may consist of bond proceeds, gifts, grants, interest, dividends, other income, and amounts appropriated by the legislature. Authorized uses of the fund are for awarding grants, including grants for brain research and for research facilities in this state to conduct brain research; the purchase of research facilities by or for a grant recipient; and the operation of the institute. The bill would authorize the Texas Public Finance Authority (TPFA) to issue up to $500 million in general obligation bonds per fiscal year for the purpose of providing funds to establish the Brain Institute of Texas Research Fund. TPFA would be limited to an issuance of $500 million per fiscal year, and bond proceeds would accrue to the account.
Contingent on the passage of a constitutional amendment, the effective date of the bill is January 1, 2022.
Note: This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either in, with, or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.