Texas House Bill HB3467

Texas 2019 - 86th Regular

Caption

Relating to the acquisition and management of certain real property assets by the School Land Board for the use and benefit of the permanent school fund and the transfer of certain permanent school fund assets from the control of the School Land Board to the State Board of Education.

Impact

The implications of HB 3467 on state laws include significant changes to how the School Land Board operates. The bill specifies that revenue from property sales must be utilized within two years of sale and mandates quarterly cashflow reports to the State Board of Education. The legislation aims to streamline the use of funds and ensure timely investment into the permanent school fund, potentially leading to more effective management of educational resources across Texas.

Summary

House Bill 3467 seeks to modernize the management and acquisition of certain real property assets by the School Land Board for the benefit of the permanent school fund. The bill mandates that all revenue from mineral or royalty interests derived from lands allocated to the permanent school fund be monthly transferred to the State Board of Education for investment. Additionally, the bill empowers the School Land Board to acquire real property, including mineral and royalty interests, which is expected to enhance the fund's value and investment potential.

Contention

There are notable points of contention regarding the transfer of control over certain assets from the School Land Board to the State Board of Education. Critics may raise concerns over the centralized control of these assets and the potential bureaucratic delays in fund management, arguing that it could weaken oversight or diminish local stewardship. Proponents assert that the bill will create a more unified and efficient approach to utilizing resources for public education, which is crucial in addressing funding challenges.