| 1 | 1 | | 88R11633 KJE-D |
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| 2 | 2 | | By: Martinez Fischer H.J.R. No. 186 |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment providing for the creation of |
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| 7 | 7 | | the junior college endowment fund and dedicating the interest and |
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| 8 | 8 | | other investment income from money in the fund to reduce the cost of |
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| 9 | 9 | | tuition at public junior colleges in this state. |
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| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Article VII, Texas Constitution, is amended by |
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| 12 | 12 | | adding Section 22 to read as follows: |
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| 13 | 13 | | Sec. 22. (a) The junior college endowment fund is |
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| 14 | 14 | | established for the purpose of providing a dedicated source of |
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| 15 | 15 | | funding to reduce the cost of tuition at public junior colleges in |
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| 16 | 16 | | this state. |
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| 17 | 17 | | (b) The fund consists of: |
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| 18 | 18 | | (1) money transferred or deposited to the credit of |
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| 19 | 19 | | the fund; and |
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| 20 | 20 | | (2) any interest or other earnings attributable to the |
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| 21 | 21 | | investment of money in the fund. |
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| 22 | 22 | | (c) The comptroller of public accounts shall administer the |
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| 23 | 23 | | fund. |
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| 24 | 24 | | (d) The legislature may not appropriate the principal |
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| 25 | 25 | | balance of the fund for any purpose. |
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| 26 | 26 | | (e) The legislature may appropriate the interest and other |
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| 27 | 27 | | earnings attributable to the investment of money in the fund only |
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| 28 | 28 | | for the purpose of reducing the cost of tuition at public junior |
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| 29 | 29 | | colleges in this state. |
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| 30 | 30 | | (f) On January 1, 2024, the comptroller of public accounts |
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| 31 | 31 | | shall transfer $2 billion of the unencumbered balance of the |
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| 32 | 32 | | general revenue fund that exists on that date to the junior college |
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| 33 | 33 | | endowment fund. This subsection expires December 31, 2024. |
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| 34 | 34 | | SECTION 2. This proposed constitutional amendment shall be |
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| 35 | 35 | | submitted to the voters at an election to be held November 7, 2023. |
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| 36 | 36 | | The ballot shall be printed to permit voting for or against the |
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| 37 | 37 | | proposition: "The constitutional amendment providing for the |
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| 38 | 38 | | creation of the junior college endowment fund and dedicating the |
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| 39 | 39 | | interest and other investment income from money in the fund to |
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| 40 | 40 | | reduce the cost of tuition at public junior colleges in this state." |
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