TX
Texas Senate Bill SJR5

Texas 2023 - 88th Regular

Texas Senate Bill SJR5 Compare Versions

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1-By: Huffman, et al. S.J.R. No. 5
2- SENATE JOINT RESOLUTION
1+By: Huffman S.J.R. No. 5
2+ (In the Senate - Filed March 10, 2023; March 13, 2023, read
3+ first time and referred to Committee on Finance; April 4, 2023,
4+ reported adversely, with favorable Committee Substitute by the
5+ following vote: Yeas 17, Nays 0; April 4, 2023, sent to printer.)
6+Click here to see the committee vote
7+ COMMITTEE SUBSTITUTE FOR S.J.R. No. 5 By: Huffman
38
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5- proposing a constitutional amendment relating to the Texas
6- University Fund, which provides funding to certain institutions of
7- higher education to achieve national prominence as major research
8- universities and drive the state economy.
10+ SENATE JOINT RESOLUTION
11+ proposing a constitutional amendment renaming the national
12+ research university fund as the Texas University Fund, providing
13+ for the appropriation of certain investment income from the
14+ economic stabilization fund to the Texas University Fund, and
15+ excepting appropriations to and from the Texas University Fund from
16+ the constitutional limit on the rate of growth of appropriations.
917 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1018 SECTION 1. Section 49-g, Article III, Texas Constitution,
1119 is amended by adding Subsection (p) to read as follows:
12- (p) On the first business day occurring on or after the 90th
13- day of each state fiscal year, an amount, if the amount is greater
14- than zero, equal to the lesser of $100 million or the interest and
15- other earnings attributable to the investment of money in the
16- economic stabilization fund for the preceding state fiscal year is
17- appropriated from the economic stabilization fund to the
18- comptroller of public accounts for the purpose of immediate deposit
19- to the credit of the Texas University Fund. For purposes of this
20- subsection, the amount of interest and other earnings attributable
21- to the investment of money in the economic stabilization fund for a
22- state fiscal year is computed by:
20+ (p) On the first day of each state fiscal year, an amount, if
21+ the amount is greater than zero, equal to the lesser of $100 million
22+ or the interest and other earnings attributable to the investment
23+ of money in the economic stabilization fund for the preceding state
24+ fiscal year is appropriated from the economic stabilization fund to
25+ the comptroller of public accounts for the purpose of deposit to the
26+ credit of the Texas University Fund not later than the 90th day of
27+ the state fiscal year in which the appropriation is made. For
28+ purposes of this subsection, the amount of interest and other
29+ earnings attributable to the investment of money in the economic
30+ stabilization fund for a state fiscal year is computed by:
2331 (1) determining the amount of interest due to the fund
2432 for that fiscal year, including any interest credited to general
2533 revenue under Subsection (i) of this section;
2634 (2) adding to the amount determined under Subdivision
2735 (1) of this subsection an amount equal to the change in the fair
2836 market value of the fund between the last day of that fiscal year
2937 and the last day of the preceding state fiscal year; and
3038 (3) subtracting from the amount determined under
3139 Subdivision (2) of this subsection the amount of any expenses of
3240 managing the investments of money in the fund that are paid from the
3341 fund during that fiscal year.
3442 SECTION 2. Section 20, Article VII, Texas Constitution, is
35- amended by amending Subsections (a) and (g) and adding Subsection
36- (i) to read as follows:
43+ amended by amending Subsection (a) and adding Subsection (i) to
44+ read as follows:
3745 (a) There is established the Texas University Fund
3846 [national research university fund] for the purpose of providing a
3947 dedicated, independent, and equitable source of funding to enable
4048 emerging research universities in this state to achieve national
4149 prominence as major research universities.
42- (g) The legislature shall establish criteria by which a
43- state university may become eligible to receive a portion of the
44- distributions from the fund. [A state university that becomes
45- eligible to receive a portion of the distributions from the fund in
46- a state fiscal biennium remains eligible to receive additional
47- distributions from the fund in any subsequent state fiscal
48- biennium.] The University of Texas at Austin and Texas A&M
49- University are not eligible to receive money from the fund.
5050 (i) For purposes of Section 22, Article VIII, of this
5151 constitution:
5252 (1) money in the fund is dedicated by this
5353 constitution; and
5454 (2) an appropriation of state tax revenues for the
5555 purpose of depositing money to the credit of the fund is treated as
5656 if it were an appropriation of revenues dedicated by this
5757 constitution.
5858 SECTION 3. This proposed constitutional amendment shall be
5959 submitted to the voters at an election to be held November 7, 2023.
6060 The ballot shall be printed to permit voting for or against the
61- proposition: "The constitutional amendment relating to the Texas
62- University Fund, which provides funding to certain institutions of
63- higher education to achieve national prominence as major research
64- universities and drive the state economy."
61+ proposition: "The constitutional amendment renaming the national
62+ research university fund as the Texas University Fund, providing
63+ for the appropriation of certain investment income from the
64+ economic stabilization fund to the Texas University Fund, and
65+ excepting appropriations to and from the Texas University Fund from
66+ the constitutional limit on the rate of growth of appropriations."
67+ * * * * *