88R19481 KJE-D
By: Bonnen H.J.R. No. 3
Substitute the following for H.J.R. No. 3:
By: Kuempel C.S.H.J.R. No. 3
A JOINT RESOLUTION
proposing a constitutional amendment renaming the national
research university fund as the Texas University Fund, providing
for the appropriation of certain investment income from the
economic stabilization fund to the Texas University Fund, excepting
appropriations to and from the Texas University Fund from the
constitutional limit on the rate of growth of appropriations, and
appropriating money from the general revenue fund to the Texas
University Fund for purposes of providing funding to certain public
institutions of higher education to achieve national prominence as
major research universities and drive the state economy.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by adding Subsections (p) and (q) to read as follows:
(p) On the first business day occurring on or after the 90th
day of each state fiscal year, an amount equal to the interest
income, dividends, and investment earnings attributable to the
economic stabilization fund for the preceding state fiscal year,
not to exceed the amount determined under Subsection (q) of this
section, is appropriated from the economic stabilization fund to
the comptroller of public accounts for the purpose of immediate
deposit to the credit of the Texas University Fund. For purposes of
this subsection, the amount of interest income, dividends, and
investment earnings attributable to the economic stabilization
fund for a state fiscal year is computed by:
(1) determining the amount of interest and dividends
due to the fund for that fiscal year, including any interest
credited to general revenue under Subsection (i) of this section;
(2) adding to the amount determined under Subdivision
(1) of this subsection an amount equal to the increase, if any, in
the fair market value of the fund between the last day of that
fiscal year and the last day of the preceding state fiscal year; and
(3) subtracting from the amount determined under
Subdivision (2) of this subsection the amount of any expenses of
managing the investments of money in the fund that are paid from the
fund during that fiscal year.
(q) The amount of the appropriation made under Subsection
(p) of this section may not exceed:
(1) for the state fiscal year beginning September 1,
2023, $100 million; or
(2) for a state fiscal year beginning on or after
September 1, 2024, the amount determined under this subsection for
the preceding state fiscal year adjusted by the increase, if any, in
the rate of inflation during the preceding state fiscal year, as
determined by the comptroller of public accounts on the basis of
changes in the consumer price index published by the Bureau of Labor
Statistics of the United States Department of Labor or a successor
agency.
SECTION 2. Section 20, Article VII, Texas Constitution, is
amended by amending Subsections (a) and (g) and adding Subsections
(i) and (j) to read as follows:
(a) There is established the Texas University Fund
[national research university fund] for the purpose of providing a
dedicated, independent, and equitable source of funding to enable
emerging research universities in this state to achieve national
prominence as major research universities.
(g) The legislature shall establish criteria by which a
state university may become eligible to receive a portion of the
distributions from the fund. [A state university that becomes
eligible to receive a portion of the distributions from the fund in
a state fiscal biennium remains eligible to receive additional
distributions from the fund in any subsequent state fiscal
biennium.] The University of Texas at Austin and Texas A&M
University are not eligible to receive money from the fund.
(i) For purposes of Section 22, Article VIII, of this
constitution:
(1) money in the fund is dedicated by this
constitution; and
(2) an appropriation of state tax revenues for the
purpose of depositing money to the credit of the fund is treated as
if it were an appropriation of revenues dedicated by this
constitution.
(j) On January 1, 2024, the amount of $3.5 billion is
appropriated from the general revenue fund to the comptroller of
public accounts for the purpose of immediately depositing that
amount to the credit of the Texas University Fund. This subsection
expires February 1, 2024.
SECTION 3. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the constitutional amendment proposed by the 88th Legislature,
Regular Session, 2023, renaming the national research university
fund as the Texas University Fund, providing for the appropriation
of certain investment income from the economic stabilization fund
to the Texas University Fund, excepting appropriations to and from
the Texas University Fund from the constitutional limit on the rate
of growth of appropriations, and appropriating money from the
general revenue fund to the Texas University Fund for purposes of
providing funding to certain public institutions of higher
education to achieve national prominence as major research
universities and drive the state economy.
(b) Notwithstanding Section 49-g(p), Article III, of this
constitution, as added by the amendment, for the state fiscal year
beginning September 1, 2023, the amount described by that
subsection is appropriated from the economic stabilization fund to
the comptroller of public accounts for the purpose of immediate
deposit to the credit of the Texas University Fund on January 1,
2024.
(c) This temporary provision expires February 1, 2024.
SECTION 4. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment renaming the national
research university fund as the Texas University Fund, providing
for the appropriation of certain investment income from the
economic stabilization fund to the Texas University Fund, excepting
appropriations to and from the Texas University Fund from the
constitutional limit on the rate of growth of appropriations, and
appropriating money from the general revenue fund to the Texas
University Fund for purposes of providing funding to certain public
institutions of higher education to achieve national prominence as
major research universities and drive the state economy."