| 1 | 1 | | 82R11453 KKA-D |
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| 2 | 2 | | By: Orr, Aycock, Hochberg, Pitts, Otto, H.B. No. 2646 |
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| 3 | 3 | | et al. |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | A BILL TO BE ENTITLED |
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| 7 | 7 | | AN ACT |
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| 8 | 8 | | relating to distribution by the School Land Board of revenue |
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| 9 | 9 | | derived from permanent school fund land or other properties to the |
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| 10 | 10 | | available school fund. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Section 51.413, Natural Resources Code, is |
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| 13 | 13 | | amended to read as follows: |
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| 14 | 14 | | Sec. 51.413. TRANSFERS FROM THE REAL ESTATE SPECIAL FUND |
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| 15 | 15 | | ACCOUNT TO THE AVAILABLE SCHOOL FUND AND THE PERMANENT SCHOOL FUND. |
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| 16 | 16 | | (a) Each year the board shall distribute to the available school |
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| 17 | 17 | | fund an amount equal to 50 percent of the net revenue derived during |
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| 18 | 18 | | that year from permanent school fund land or other permanent school |
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| 19 | 19 | | fund properties managed by the board. |
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| 20 | 20 | | (b) In addition to the action required under Subsection (a), |
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| 21 | 21 | | the [The] board may, by a resolution adopted at a regular meeting, |
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| 22 | 22 | | release from the real estate special fund account additional funds |
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| 23 | 23 | | previously designated under Section 51.401 [of this chapter] or |
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| 24 | 24 | | managed, used, or encumbered under Section 51.402 or Section |
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| 25 | 25 | | 51.4021 [of this chapter] to be deposited in the State Treasury to |
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| 26 | 26 | | the credit of: |
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| 27 | 27 | | (1) the available school fund; or |
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| 28 | 28 | | (2) the State Board of Education for investment in the |
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| 29 | 29 | | permanent school fund. |
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| 30 | 30 | | SECTION 2. This Act takes effect September 1, 2011. |
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