Texas 2009 - 81st Regular

Texas Senate Bill SJR35 Compare Versions

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1	1	By: Duncan, Shapiro S.J.R. No. 35
2	2
3	3
4	4	SENATE JOINT RESOLUTION
5	5	proposing a constitutional amendment establishing the national
6	6	research university fund to enable emerging research universities
7	7	in this state to achieve national prominence as major research
8	8	universities and transferring the balance of the higher education
9	9	fund to the national research university fund.
10	10	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Article VII, Texas Constitution, is amended by
12	12	adding Section 20 to read as follows:
13	13	Sec. 20. (a) There is established the national research
14	14	university fund for the purpose of providing a dedicated,
15	15	independent, and equitable source of funding to enable emerging
16	16	research universities in this state to achieve national prominence
17	17	as major research universities.
18	18	(b) The fund consists of money transferred or deposited to
19	19	the credit of the fund and any interest or other return on the
20	20	investment assets of the fund. The legislature may dedicate state
21	21	revenue to the credit of the fund.
22	22	(c) The legislature shall provide for administration of the
23	23	fund, which shall be invested in the manner and according to the
24	24	standards provided for investment of the permanent university fund.
25	25	The expenses of managing the investments of the fund shall be paid
26	26	from the fund.
27	27	(d) In each state fiscal biennium, the legislature may
28	28	appropriate as provided by Subsection (f) of this section all or a
29	29	portion of the total return on all investment assets of the fund to
30	30	carry out the purposes for which the fund is established.
31	31	(e) The legislature biennially shall allocate the amounts
32	32	appropriated under this section, or shall provide for a biennial
33	33	allocation of those amounts, to eligible state universities to
34	34	carry out the purposes of the fund. The money shall be allocated
35	35	based on an equitable formula established by the legislature or an
36	36	agency designated by the legislature. The legislature shall review
37	37	and as appropriate adjust, or provide for a review and adjustment,
38	38	of the allocation formula at the end of each state fiscal biennium.
39	39	(f) The portion of the total return on investment assets of
40	40	the fund that is available for appropriation in a state fiscal
41	41	biennium under this section is the portion necessary to provide as
42	42	nearly as practicable a stable and predictable stream of annual
43	43	distributions to eligible state universities and to maintain over
44	44	time the purchasing power of fund investment assets. If the
45	45	purchasing power of fund investment assets for any rolling 10-year
46	46	period is not preserved, the legislature may not appropriate money
47	47	from the fund until the purchasing power of the fund investment
48	48	assets is restored. The amount appropriated from the fund in any
49	49	fiscal year may not exceed an amount equal to seven percent of the
50	50	average net fair market value of the investment assets of the fund.
51	51	(g) The legislature shall establish criteria by which a
52	52	state university may become eligible to receive a portion of the
53	53	distributions from the fund. A state university that becomes
54	54	eligible to receive a portion of the distributions from the fund in
55	55	a state fiscal biennium remains eligible to receive additional
56	56	distributions from the fund in any subsequent state fiscal
57	57	biennium. The University of Texas at Austin, Texas A&M University,
58	58	and Prairie View A&M University are not eligible to receive money
59	59	from the fund.
60	60	(h) An eligible state university may use distributions from
61	61	the fund only for the support and maintenance of educational and
62	62	general activities that promote increased research capacity at the
63	63	university.
64	64	SECTION 2. Subsection (i), Section 17, Article VII, Texas
65	65	Constitution, is repealed.
66	66	SECTION 3. The following temporary provision is added to
67	67	the Texas Constitution:
68	68	TEMPORARY PROVISION. (a) This temporary provision applies
69	69	to the constitutional amendment proposed by the 81st Legislature,
70	70	Regular Session, 2009, establishing the national research
71	71	university fund to enable emerging research universities in this
72	72	state to achieve national prominence as major research universities
73	73	and transferring the balance of the higher education fund to the
74	74	national research university fund.
75	75	(b) The amendment to add Section 20 to Article VII of this
76	76	constitution and to repeal Section 17(i), Article VII, of this
77	77	constitution takes effect January 1, 2010.
78	78	(c) On January 1, 2010, any amount in or payable to the
79	79	credit of the higher education fund established by Section 17(i),
80	80	Article VII, Texas Constitution, shall be transferred to the credit
81	81	of the national research university fund.
82	82	(d) This temporary provision expires January 1, 2011.
83	83	SECTION 4. This proposed constitutional amendment shall be
84	84	submitted to the voters at an election to be held November 3, 2009.
85	85	The ballot shall be printed to permit voting for or against the
86	86	proposition: "The constitutional amendment establishing the
87	87	national research university fund to enable emerging research
88	88	universities in this state to achieve national prominence as major
89	89	research universities and transferring the balance of the higher
90	90	education fund to the national research university fund."