| 1 | 1 | | 88R9006 PRL-F |
|---|
| 2 | 2 | | By: LaMantia S.B. No. 2238 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to delivery of certain unclaimed money for scholarships |
|---|
| 8 | 8 | | for rural students, rural economic development, and energy |
|---|
| 9 | 9 | | efficiency assistance. |
|---|
| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Section 74.3013(f), Property Code, is amended to |
|---|
| 12 | 12 | | read as follows: |
|---|
| 13 | 13 | | (f) During a state fiscal year the total amount of money |
|---|
| 14 | 14 | | that may be transferred by all nonprofit cooperative corporations |
|---|
| 15 | 15 | | under this section may not exceed 50 percent of the total money |
|---|
| 16 | 16 | | reported for that year by those nonprofit cooperative corporations |
|---|
| 17 | 17 | | [$2 million]. [No more than 20 percent of each nonprofit |
|---|
| 18 | 18 | | cooperative's funds eligible for delivery under this section shall |
|---|
| 19 | 19 | | be used for economic development.] The comptroller shall adopt |
|---|
| 20 | 20 | | procedures to record the total amount of money transferred |
|---|
| 21 | 21 | | annually. |
|---|
| 22 | 22 | | SECTION 2. This Act takes effect September 1, 2023. |
|---|