| 1 | 1 | | 81R10817 KKA-F |
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| 2 | 2 | | By: Patrick H.B. No. 2977 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to creation of a permanent technology endowment fund to |
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| 8 | 8 | | supplement funding provided to school districts for education |
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| 9 | 9 | | technology. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Chapter 32, Education Code, is amended by adding |
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| 12 | 12 | | Subchapter G to read as follows: |
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| 13 | 13 | | SUBCHAPTER G. TECHNOLOGY ENDOWMENT FUND |
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| 14 | 14 | | Sec. 32.301. ESTABLISHMENT OF TECHNOLOGY ENDOWMENT FUND. |
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| 15 | 15 | | (a) A permanent technology endowment fund is established as a |
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| 16 | 16 | | special fund in the treasury outside the general revenue fund. |
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| 17 | 17 | | (b) The technology endowment fund consists of: |
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| 18 | 18 | | (1) money transferred to the fund at the direction of |
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| 19 | 19 | | the legislature; |
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| 20 | 20 | | (2) gifts and grants contributed to the fund; and |
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| 21 | 21 | | (3) income from investment of money in the fund. |
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| 22 | 22 | | (c) The fund may be invested by the commissioner in |
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| 23 | 23 | | securities, bonds, and other investments that the commissioner |
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| 24 | 24 | | considers prudent. In making investments under this subsection, |
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| 25 | 25 | | the commissioner shall exercise the judgment and care under the |
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| 26 | 26 | | circumstances then prevailing that a person of ordinary prudence, |
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| 27 | 27 | | discretion, and intelligence exercises in the management of the |
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| 28 | 28 | | person's own affairs. |
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| 29 | 29 | | Sec. 32.302. USE OF TECHNOLOGY ENDOWMENT FUND. (a) Income |
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| 30 | 30 | | from investment of the technology endowment fund may be used only to |
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| 31 | 31 | | provide funding to school districts to supplement the technology |
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| 32 | 32 | | allotment provided under Section 32.005. |
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| 33 | 33 | | (b) The commissioner may adopt rules regarding distribution |
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| 34 | 34 | | of funding available under this section. |
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| 35 | 35 | | (c) A school district may use funds provided to the |
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| 36 | 36 | | district under this section only for a purpose permitted under |
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| 37 | 37 | | Section 32.005(b) for use of the technology allotment. |
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| 38 | 38 | | SECTION 2. This Act takes effect September 1, 2009. |
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