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A BILL TO BE ENTITLED
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AN ACT
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relating to the composition of the board of directors of the Texas |
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Permanent School Fund Corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 43.053(a) and (c), Education Code, are |
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amended to read as follows: |
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(a) The board of directors is composed of the following 11 |
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[nine] members: |
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(1) five members of the State Board of Education, |
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appointed by the board in accordance with board policy; |
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(2) the commissioner of the General Land Office; |
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(3) one member appointed by the commissioner of the |
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General Land Office who has substantial background and expertise in |
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investments and asset management; [and] |
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(4) two members appointed by the governor, with the |
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advice and consent of the senate, each of whom must have substantial |
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background and expertise in investments and asset management and |
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may not be members of the State Board of Education or the School |
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Land Board; |
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(5) one member appointed by the lieutenant governor, |
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with the advice and consent of the senate, who must have substantial |
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background and expertise in investments and asset management; and |
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(6) one member appointed by the speaker of the house of |
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representatives, with the advice and consent of the senate, who |
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must have substantial background and expertise in investments and |
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asset management. |
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(c) Members of the board of directors appointed under |
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Subsections (a)(3), [and] (4), (5), and (6) serve staggered |
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six-year terms, with the terms [term] of one or two members [member] |
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expiring on January 1 of each odd-numbered year. |
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SECTION 2. (a) As soon as practicable after the effective |
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date of this Act, the lieutenant governor and the speaker of the |
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house of representatives shall appoint the initial directors under |
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Sections 43.053(a)(5) and (6), Education Code, as added by this |
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Act. |
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(b) As soon as practicable after the initial directors have |
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been appointed under Sections 43.053(a)(5) and (6), Education Code, |
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as added by this Act, the directors shall draw lots to determine |
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which director serves a term expiring January 1, 2029, and which |
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director serves a term expiring January 1, 2031. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2025. |
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