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