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