H.J.R. No. 3
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment relating to the Texas
  University Fund, which provides funding to certain institutions of
  higher education to achieve national prominence as major research
  universities and drive the state economy.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-g, Article III, Texas Constitution,
  is amended by adding Subsections (p) and (q) to read as follows:
         (p)  On the first business day occurring on or after the 90th
  day of each state fiscal year, an amount equal to the interest
  income, dividends, and investment earnings attributable to the
  economic stabilization fund for the preceding state fiscal year,
  not to exceed the amount determined under Subsection (q) of this
  section, is appropriated from the economic stabilization fund to
  the comptroller of public accounts for the purpose of immediate
  deposit to the credit of the Texas University Fund.  For purposes of
  this subsection, the amount of interest income, dividends, and
  investment earnings attributable to the economic stabilization
  fund for a state fiscal year is computed by:
               (1)  determining the amount of interest and dividends
  due to the fund for that fiscal year, including any interest
  credited to general revenue under Subsection (i) of this section;
               (2)  adding to the amount determined under Subdivision
  (1) of this subsection an amount equal to the increase, if any, in
  the fair market value of the fund between the last day of that
  fiscal year and the last day of the preceding state fiscal year; and
               (3)  subtracting from the amount determined under
  Subdivision (2) of this subsection the amount of any expenses of
  managing the investments of money in the fund that are paid from the
  fund during that fiscal year.
         (q)  The amount of the appropriation made under Subsection
  (p) of this section may not exceed:
               (1)  for the state fiscal year beginning September 1,
  2023, $100 million; or 
               (2)  for a state fiscal year beginning on or after
  September 1, 2024, the amount determined under this subsection for
  the preceding state fiscal year adjusted by the increase, if any, in
  the general price level during the preceding state fiscal year, as
  determined by the comptroller of public accounts on the basis of
  changes in the consumer price index published by the Bureau of Labor
  Statistics of the United States Department of Labor or a successor
  agency and not to exceed two percent per state fiscal year.
         SECTION 2.  Section 20, Article VII, Texas Constitution, is
  amended by amending Subsections (a) and (g) and adding Subsection
  (i) to read as follows:
         (a)  There is established the Texas University Fund
  [national research university fund] for the purpose of providing a
  dedicated, independent, and equitable source of funding to enable
  emerging research universities in this state to achieve national
  prominence as major research universities.
         (g)  The legislature shall establish criteria by which a
  state university may become eligible to receive a portion of the
  distributions from the fund.  A state university that is entitled to
  participate in dedicated funding provided by Section 18 of this
  article is [becomes eligible to receive a portion of the
  distributions from the fund in a state fiscal biennium remains
  eligible to receive additional distributions from the fund in any
  subsequent state fiscal biennium.  The University of Texas at
  Austin and Texas A&M University are] not eligible to receive money
  from the fund.
         (i)  For purposes of Section 22, Article VIII, of this
  constitution:
               (1)  money in the fund is dedicated by this
  constitution; and
               (2)  an appropriation of state tax revenues for the
  purpose of depositing money to the credit of the fund is treated as
  if it were an appropriation of revenues dedicated by this
  constitution.
         SECTION 3.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2023.
  The ballot shall be printed to permit voting for or against the
  proposition:  "The constitutional amendment relating to the Texas
  University Fund, which provides funding to certain institutions of
  higher education to achieve national prominence as major research
  universities and drive the state economy."
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.J.R. No. 3 was passed by the House on April
  17, 2023, by the following vote:  Yeas 133, Nays 9, 1 present, not
  voting; that the House refused to concur in Senate amendments to
  H.J.R. No. 3 on May 23, 2023, by a non-record vote and requested the
  appointment of a conference committee to consider the differences
  between the two houses; and that the House adopted the conference
  committee report on H.J.R. No. 3 on May 28, 2023, by the following
  vote:  Yeas 110, Nays 30, 1 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.J.R. No. 3 was passed by the Senate, with
  amendments, on May 9, 2023, by the following vote:  Yeas 30, Nays 1;
  at the request of the House, the Senate appointed a conference
  committee to consider the differences between the two houses; and
  that the Senate adopted the conference committee report on H.J.R.
  No. 3 on May 27, 2023, by the following vote:  Yeas 30, Nays 1.
 
  ______________________________
  Secretary of the Senate   
  RECEIVED: __________________
                  Date       
   
           __________________
           Secretary of State