Texas 2023 - 88th Regular

Texas Senate Bill SJR49 Compare Versions

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1	1	88R4095 KJE-D
2	2	By: Perry S.J.R. No. 49
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment creating a university
7	7	research fund to support emerging research universities in The
8	8	University of Texas System or The Texas A&M University System and
9	9	disqualifying all component institutions of those university
10	10	systems from receiving money from the national research university
11	11	fund.
12	12	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	13	SECTION 1. Section 18, Article VII, Texas Constitution, is
14	14	amended by adding Subsection (f-1) to read as follows:
15	15	(f-1) Notwithstanding Subsection (f) of this section, the
16	16	boards of regents of The University of Texas System and The Texas
17	17	A&M University System may deposit to the credit of the university
18	18	research fund established under Section 21 of this article all or
19	19	part of the portion of the applicable system's share of the annual
20	20	distribution from the permanent university fund to the available
21	21	university fund remaining after the payment of principal and
22	22	interest on bonds and notes described by Subsection (f) of this
23	23	section.
24	24	SECTION 2. Section 20(g), Article VII, Texas Constitution,
25	25	is amended to read as follows:
26	26	(g) The legislature shall establish criteria by which a
27	27	state university may become eligible to receive a portion of the
28	28	distributions from the fund. A state university that becomes
29	29	eligible to receive a portion of the distributions from the fund in
30	30	a state fiscal biennium remains eligible to receive additional
31	31	distributions from the fund in any subsequent state fiscal
32	32	biennium. A component institution of The University of Texas System
33	33	or The [at Austin and] Texas A&M University System is [are] not
34	34	eligible to receive money from the fund.
35	35	SECTION 3. Article VII, Texas Constitution, is amended by
36	36	adding Section 21 to read as follows:
37	37	Sec. 21. (a) There is established the university research
38	38	fund for the purpose of providing a dedicated, independent, and
39	39	equitable source of funding to enable emerging research
40	40	universities in The University of Texas System or The Texas A&M
41	41	University System to achieve national prominence as major research
42	42	universities.
43	43	(b) The fund consists of money transferred or deposited to
44	44	the credit of the fund and any interest or other return on the
45	45	investment assets of the fund. The legislature may dedicate state
46	46	revenue to the credit of the fund.
47	47	(c) The legislature shall provide for administration of the
48	48	fund, which shall be invested in the manner and according to the
49	49	standards provided for investment of the permanent university fund.
50	50	The expenses of managing the investments of the fund shall be paid
51	51	from the fund.
52	52	(d) In each state fiscal biennium, the legislature may
53	53	appropriate as provided by Subsection (f) of this section all or a
54	54	portion of the total return on all investment assets of the fund to
55	55	carry out the purposes for which the fund is established.
56	56	(e) The legislature biennially shall allocate the amounts
57	57	appropriated under this section, or shall provide for a biennial
58	58	allocation of those amounts, to eligible component institutions of
59	59	The University of Texas System or The Texas A&M University System to
60	60	carry out the purposes of the fund. The money shall be allocated
61	61	based on an equitable formula established by the legislature or an
62	62	agency designated by the legislature. The legislature shall review
63	63	and as appropriate adjust, or provide for a review and adjustment,
64	64	of the allocation formula at the end of each state fiscal biennium.
65	65	(f) The portion of the total return on investment assets of
66	66	the fund that is available for appropriation in a state fiscal
67	67	biennium under this section is the portion determined by the
68	68	legislature, or an agency designated by the legislature, as
69	69	necessary to provide as nearly as practicable a stable and
70	70	predictable stream of annual distributions to eligible component
71	71	institutions of The University of Texas System or The Texas A&M
72	72	University System and to maintain over time the purchasing power of
73	73	fund investment assets. If the purchasing power of fund investment
74	74	assets for any rolling 10-year period is not preserved, the
75	75	distributions may not be increased until the purchasing power of
76	76	the fund investment assets is restored. The amount appropriated
77	77	from the fund in any fiscal year may not exceed an amount equal to
78	78	seven percent of the average net fair market value of the investment
79	79	assets of the fund, as determined by law. Until the fund has been
80	80	invested for a period of time sufficient to determine the
81	81	purchasing power over a 10-year period, the legislature may provide
82	82	by law for means of preserving the purchasing power of the fund.
83	83	(g) The legislature shall establish criteria by which a
84	84	component institution of The University of Texas System or The
85	85	Texas A&M University System may become eligible to receive a
86	86	portion of the distributions from the fund. An institution that
87	87	becomes eligible to receive a portion of the distributions from the
88	88	fund in a state fiscal biennium remains eligible to receive
89	89	additional distributions from the fund in any subsequent state
90	90	fiscal biennium. Only a component institution of The University of
91	91	Texas System or The Texas A&M University System may be eligible to
92	92	receive money from the fund.
93	93	(h) An eligible component institution of The University of
94	94	Texas System or The Texas A&M University System may use
95	95	distributions from the fund only for the support and maintenance of
96	96	educational and general activities that promote increased research
97	97	capacity at the institution.
98	98	SECTION 4. The following temporary provision is added to
99	99	the Texas Constitution:
100	100	TEMPORARY PROVISION. (a) This temporary provision applies
101	101	to the constitutional amendment proposed by the 88th Legislature,
102	102	Regular Session, 2023, creating a university research fund to
103	103	support emerging research universities in The University of Texas
104	104	System or The Texas A&M University System and disqualifying all
105	105	component institutions of those university systems from receiving
106	106	money from the national research university fund.
107	107	(b) The amendment to Section 20(g), Article VII, of this
108	108	constitution takes effect September 1, 2025.
109	109	(c) This temporary provision expires September 1, 2026.
110	110	SECTION 5. This proposed constitutional amendment shall be
111	111	submitted to the voters at an election to be held November 7, 2023.
112	112	The ballot shall be printed to permit voting for or against the
113	113	proposition: "The constitutional amendment creating a university
114	114	research fund to support emerging research universities in The
115	115	University of Texas System or The Texas A&M University System and
116	116	disqualifying all component institutions of those university
117	117	systems from receiving money from the national research university
118	118	fund."