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A BILL TO BE ENTITLED
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AN ACT
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relating to establishing the permanent public school fund to reduce |
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school district maintenance and operations ad valorem taxes and |
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provide funding for public school prekindergarten programs. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle I, Title 2, Education Code, is amended |
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by adding Chapter 47A to read as follows: |
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CHAPTER 47A. PERMANENT PUBLIC SCHOOL FUND |
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Sec. 47A.001. DEFINITION. In this chapter, "fund" means |
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the permanent public school fund. |
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Sec. 47A.002. FUND ESTABLISHED. (a) The permanent public |
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school fund is a special fund in the state treasury outside the |
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general revenue fund. |
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(b) The fund consists of: |
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(1) money appropriated by the legislature for deposit |
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to the credit of the fund; and |
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(2) interest or other earnings attributable to the |
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investment of money in the fund. |
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Sec. 47A.003. USES OF FUND. (a) The legislature may not |
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appropriate money from the fund other than the interest or other |
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earnings attributable to the investment of money in the fund. |
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(b) The interest or other earnings attributable to the |
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investment of money in the fund may be appropriated only to: |
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(1) reduce school district maintenance and operations |
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ad valorem taxes by reducing the state compression percentage under |
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Section 48.255; or |
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(2) provide funding for prekindergarten programs |
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under Subchapter E, Chapter 29. |
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Sec. 47A.004. DEPOSIT OF MONEY. Not later than the first |
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day of each state fiscal biennium, the comptroller shall deposit |
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$10 million to the credit of the fund. |
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Sec. 47A.005. INVESTMENT OF FUND. Notwithstanding Section |
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404.024(b), Government Code, the comptroller shall invest money in |
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the fund in: |
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(1) cryptocurrencies; |
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(2) corporate bonds; |
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(3) municipal bonds; and |
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(4) treasury bills issued by the United States |
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government. |
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SECTION 2. This Act takes effect September 1, 2025. |