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A JOINT RESOLUTION
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proposing a constitutional amendment renaming the national |
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research university fund as the Texas University Fund, providing |
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for the appropriation of certain investment income from the |
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economic stabilization fund to the Texas University Fund, excepting |
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appropriations to and from the Texas University Fund from the |
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constitutional limit on the rate of growth of appropriations, and |
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appropriating money from the general revenue fund to the Texas |
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University Fund to be spent for purposes of providing funding to |
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certain public institutions of higher education to achieve national |
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prominence as major research universities and drive the state |
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economy. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. 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) On the first day of each state fiscal year, an amount, if |
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the amount is greater than zero, equal to the lesser of $100 million |
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or the interest and other earnings attributable to the investment |
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of money in the economic stabilization fund for the preceding state |
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fiscal year is appropriated from the economic stabilization fund to |
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the comptroller of public accounts for the purpose of deposit to the |
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credit of the Texas University Fund not later than the 90th day of |
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the state fiscal year in which the appropriation is made. For |
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purposes of this subsection, the amount of interest and other |
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earnings attributable to the investment of money in the economic |
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stabilization fund for a state fiscal year is computed by: |
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(1) determining the amount of interest due to the fund |
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for that fiscal year, including any interest credited to general |
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revenue under Subsection (i) of this section; |
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(2) adding to the amount determined under Subdivision |
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(1) of this subsection an amount equal to the change in the fair |
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market value of the fund between the last day of that fiscal year |
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and the last day of the preceding state fiscal year; and |
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(3) subtracting from the amount determined under |
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Subdivision (2) of this subsection the amount of any expenses of |
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managing the investments of money in the fund that are paid from the |
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fund during that fiscal year. |
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SECTION 2. Section 20, Article VII, Texas Constitution, is |
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amended by amending Subsection (a) and adding Subsections (i) and |
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(j) to read as follows: |
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(a) There is established the Texas University Fund |
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[national research university fund] for the purpose of providing a |
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dedicated, independent, and equitable source of funding to enable |
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emerging research universities in this state to achieve national |
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prominence as major research universities. |
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(i) For purposes of Section 22, Article VIII, of this |
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constitution: |
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(1) money in the fund is dedicated by this |
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constitution; and |
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(2) an appropriation of money to the fund is an |
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appropriation of state tax revenues dedicated by this constitution. |
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(j) On January 1, 2024, the amount of $3.5 billion is |
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appropriated from the general revenue fund to the comptroller of |
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public accounts for the purpose of immediately depositing that |
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amount to the credit of the Texas University Fund. The amount of |
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$3.5 billion is appropriated from the Texas University Fund to the |
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Texas Higher Education Coordinating Board for the state fiscal |
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biennium beginning September 1, 2023, for distribution to eligible |
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institutions as provided by general law. This subsection expires |
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January 1, 2026. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment renaming the national |
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research university fund as the Texas University Fund, providing |
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for the appropriation of certain investment income from the |
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|
economic stabilization fund to the Texas University Fund, excepting |
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|
appropriations to and from the Texas University Fund from the |
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|
constitutional limit on the rate of growth of appropriations, and |
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|
appropriating $3.5 billion from the general revenue fund to the |
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Texas University Fund to be spent for purposes of providing funding |
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to certain public institutions of higher education to achieve |
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|
national prominence as major research universities and drive the |
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state economy." |