Texas 2011 82nd Regular

Texas House Bill HJR109 Enrolled / Bill

Download
.pdf .doc .html
                    H.J.R. No. 109


 A JOINT RESOLUTION
 proposing a constitutional amendment to clarify references to the
 permanent school fund, to allow the General Land Office to
 distribute revenue derived from permanent school fund land or other
 properties to the available school fund, and to provide for an
 increase in the market value of the permanent school fund for the
 purpose of allowing increased distributions from the available
 school fund.
 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 SECTION 1.  Section 49-b(h), Article III, Texas
 Constitution, is amended to read as follows:
 (h)  Lands purchased and comprising a part of the Veterans'
 Land Fund are declared to be held for a governmental purpose, but
 the individual purchasers of those lands shall be subject to
 taxation to the same extent and in the same manner as are purchasers
 of lands dedicated to the Permanent [Free Public] School Fund. The
 lands shall be sold to veterans in quantities, on terms, at prices,
 and at fixed, variable, floating, or other rates of interest,
 determined by the Board and in accordance with rules of the Board.
 Notwithstanding any provisions of this section to the contrary,
 lands in the Veterans' Land Fund that are offered for sale to
 veterans and that are not sold may be sold or resold to the
 purchasers in quantities, on terms, at prices, and at rates of
 interest determined by the Board and in accordance with rules of the
 Board.
 SECTION 2.  Sections 2 and 4, Article VII, Texas
 Constitution, are amended to read as follows:
 Sec. 2.  All funds, lands and other property heretofore set
 apart and appropriated for the support of public schools; all the
 alternate sections of land reserved by the State out of grants
 heretofore made or that may hereafter be made to railroads or other
 corporations of any nature whatsoever; one half of the public
 domain of the State; and all sums of money that may come to the State
 from the sale of any portion of the same, shall constitute a
 permanent [perpetual public] school fund.
 Sec. 4.  The lands herein set apart to the Permanent [Public
 Free] School fund, shall be sold under such regulations, at such
 times, and on such terms as may be prescribed by law; and the
 Legislature shall not have power to grant any relief to purchasers
 thereof. The proceeds of such sales must be used to acquire other
 land for the Permanent [Public Free] School fund as provided by law
 or the proceeds shall be invested by the comptroller of public
 accounts, as may be directed by the Board of Education herein
 provided for, in the bonds of the United States, the State of Texas,
 or counties in said State, or in such other securities, and under
 such restrictions as may be prescribed by law; and the State shall
 be responsible for all investments.
 SECTION 3.  Section 5, Article VII, Texas Constitution, is
 amended by amending Subsection (a) and adding Subsection (g) to
 read as follows:
 (a)  The permanent school fund consists of all land
 appropriated for public schools by this constitution or the other
 laws of this state, other properties belonging to the permanent
 school fund, and all revenue derived from the land or other
 properties.  The available school fund consists of the
 distributions made to it from the total return on all investment
 assets of the permanent school fund, the taxes authorized by this
 constitution or general law to be part of the available school fund,
 and appropriations made to the available school fund by the
 legislature.  The total amount distributed from the permanent
 school fund to the available school fund:
 (1)  in each year of a state fiscal biennium must be an
 amount that is not more than six percent of the average of the
 market value of the permanent school fund, excluding real property
 belonging to the fund that is managed, sold, or acquired under
 Section 4 of this article, but including discretionary real assets
 investments and cash in the state treasury derived from property
 belonging to the fund, on the last day of each of the 16 state fiscal
 quarters preceding the regular session of the legislature that
 begins before that state fiscal biennium, in accordance with the
 rate adopted by:
 (A)  a vote of two-thirds of the total membership
 of the State Board of Education, taken before the regular session of
 the legislature convenes; or
 (B)  the legislature by general law or
 appropriation, if the State Board of Education does not adopt a rate
 as provided by Paragraph (A) of this subdivision; and
 (2)  over the 10-year period consisting of the current
 state fiscal year and the nine preceding state fiscal years may not
 exceed the total return on all investment assets of the permanent
 school fund over the same 10-year period.
 (g)  Notwithstanding any other provision of this
 constitution or of a statute, the General Land Office or an entity
 other than the State Board of Education that has responsibility for
 the management of permanent school fund land or other properties
 may in its sole discretion distribute to the available school fund
 each year revenue derived during that year from the land or
 properties, not to exceed $300 million each year.
 SECTION 4.  The following temporary provision is added to
 the Texas Constitution:
 TEMPORARY PROVISION.  (a)  This temporary provision applies
 to the constitutional amendment proposed by H.J.R. No. 109, 82nd
 Legislature, Regular Session, 2011, providing for an increase in
 the market value of the permanent school fund for the purpose of
 allowing increased distributions from the available school fund.
 (b)  The change to Section 5(a), Article VII, of this
 constitution made by the amendment applies to a distribution from
 the permanent school fund to the available school fund made on or
 after September 1, 2011.
 (c)  This temporary provision expires December 1, 2015.
 SECTION 5.  This proposed constitutional amendment shall be
 submitted to the voters at an election to be held November 8, 2011.
 The ballot shall be printed to provide for voting for or against the
 proposition: "The constitutional amendment clarifying references
 to the permanent school fund, allowing the General Land Office to
 distribute revenue from permanent school fund land or other
 properties to the available school fund to provide additional
 funding for public education, and providing for an increase in the
 market value of the permanent school fund for the purpose of
 allowing increased distributions from the available school fund."
 ______________________________ ______________________________
 President of the Senate Speaker of the House
 I certify that H.J.R. No. 109 was passed by the House on May
 11, 2011, by the following vote:  Yeas 147, Nays 0, 2 present, not
 voting; and that the House concurred in Senate amendments to H.J.R.
 No. 109 on May 23, 2011, by the following vote:  Yeas 143, Nays 0, 2
 present, not voting.
 ______________________________
 Chief Clerk of the House
 I certify that H.J.R. No. 109 was passed by the Senate, with
 amendments, on May 21, 2011, by the following vote:  Yeas 31, Nays
 0
 .
 _______________________________
 Secretary of the Senate
 RECEIVED:  _____________________
 Date
 _____________________
 Secretary of State