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A JOINT RESOLUTION
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proposing a constitutional amendment providing for the creation of |
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the junior college endowment fund and dedicating the interest and |
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other investment income from money in the fund to reduce the cost of |
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tuition at public junior colleges in this state. |
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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 22 to read as follows: |
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Sec. 22. (a) The junior college endowment fund is |
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established for the purpose of providing a dedicated source of |
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funding to reduce the cost of tuition at public junior colleges in |
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this state. |
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(b) The fund consists of: |
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(1) money transferred or deposited to the credit of |
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the fund; and |
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(2) any interest or other earnings attributable to the |
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investment of money in the fund. |
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(c) The comptroller of public accounts shall administer the |
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fund. |
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(d) The legislature may not appropriate the principal |
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balance of the fund for any purpose. |
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(e) The legislature may appropriate the interest and other |
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earnings attributable to the investment of money in the fund only |
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for the purpose of reducing the cost of tuition at public junior |
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colleges in this state. |
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(f) On January 1, 2024, the comptroller of public accounts |
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shall transfer $2 billion of the unencumbered balance of the |
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general revenue fund that exists on that date to the junior college |
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endowment fund. This subsection expires December 31, 2024. |
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SECTION 2. 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 providing for the |
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creation of the junior college endowment fund and dedicating the |
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interest and other investment income from money in the fund to |
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reduce the cost of tuition at public junior colleges in this state." |