Texas 2023 - 88th Regular

Texas Senate Bill SJR69 Compare Versions

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1	1	88R6959 KJE-D
2	2	By: Perry S.J.R. No. 69
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment dedicating to the national
7	7	research university fund a portion of certain income from the lease
8	8	for oil and gas exploration of land dedicated to the permanent
9	9	university fund.
10	10	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 11a, Article VII, Texas Constitution, is
12	12	amended to read as follows:
13	13	Sec. 11a. (a) In addition to the bonds enumerated in
14	14	Section 11 of this article [Article VII of the Constitution of the
15	15	State of Texas], the Board of Regents of The University of Texas
16	16	System may invest the Permanent University Fund in securities,
17	17	bonds or other obligations issued, insured, or guaranteed in any
18	18	manner by the United States Government, or any of its agencies, and
19	19	in such bonds, debentures, or obligations, and preferred and common
20	20	stocks issued by corporations, associations, or other institutions
21	21	as the Board of Regents of The University of Texas System may deem
22	22	to be proper investments for said funds; provided, however, that
23	23	not more than one per cent (1%) of said fund shall be invested in the
24	24	securities of any one (1) corporation, nor shall more than five per
25	25	cent (5%) of the voting stock of any one (1) corporation be owned;
26	26	provided, further, that stocks eligible for purchase shall be
27	27	restricted to stocks of companies incorporated within the United
28	28	States which have paid dividends for five (5) consecutive years or
29	29	longer immediately prior to the date of purchase and which, except
30	30	for bank stocks and insurance stocks, are listed upon an exchange
31	31	registered with the Securities and Exchange Commission or its
32	32	successors.
33	33	(b) In making each and all of such investments, the [said]
34	34	Board of Regents of The University of Texas System shall exercise
35	35	the judgment and care under the circumstances then prevailing which
36	36	men of ordinary prudence, discretion, and intelligence exercise in
37	37	the management of their own affairs, not in regard to speculation
38	38	but in regard to the permanent disposition of their funds,
39	39	considering the probable income therefrom as well as the probable
40	40	safety of their capital.
41	41	(c) The interest, dividends and other income accruing from
42	42	the investments of the Permanent University Fund are [, except the
43	43	portion thereof which is appropriated by the operation of Section
44	44	18 of Article VII for the payment of principal and interest on bonds
45	45	or notes issued thereunder, shall be] subject to appropriation by
46	46	the Legislature to accomplish the purposes declared in Section 10
47	47	of this article, except for:
48	48	(1) the portion distributed to the Available
49	49	University Fund under Section 18 of this article for appropriation
50	50	as provided by that section; and
51	51	(2) the portion of any bonus, rental, or royalty
52	52	payments accruing from the lease for oil and gas exploration of land
53	53	dedicated to the Permanent University Fund that is deposited to the
54	54	credit of the national research university fund as required by
55	55	Section 20(b-1) of this article [Article VII of this Constitution].
56	56	(d) This amendment shall be self-enacting, and shall become
57	57	effective upon its adoption, provided, however, that the
58	58	Legislature shall provide by law for full disclosure of all details
59	59	concerning the investments in corporate stocks and bonds and other
60	60	investments authorized herein.
61	61	SECTION 2. Section 20, Article VII, Texas Constitution, is
62	62	amended by adding Subsection (b-1) to read as follows:
63	63	(b-1) The Board of Regents of The University of Texas System
64	64	shall transmit to the comptroller of public accounts for deposit to
65	65	the credit of the fund in the manner provided by general law an
66	66	amount of any bonus, rental, or royalty payments accruing from the
67	67	lease for oil and gas exploration of land dedicated to the Permanent
68	68	University Fund equal to the lesser of:
69	69	(1) one-third of the total amount of those payments;
70	70	or
71	71	(2) $100 million.
72	72	SECTION 3. The following temporary provision is added to
73	73	the Texas Constitution:
74	74	TEMPORARY PROVISION. (a) This temporary provision applies
75	75	to the constitutional amendment proposed by the 88th Legislature,
76	76	Regular Session, 2023, dedicating to the national research
77	77	university fund a portion of certain income from the lease for oil
78	78	and gas exploration of land dedicated to the permanent university
79	79	fund.
80	80	(b) The amendments to Sections 11a and 20, Article VII, of
81	81	this constitution take effect January 1, 2024.
82	82	SECTION 4. This proposed constitutional amendment shall be
83	83	submitted to the voters at an election to be held November 7, 2023.
84	84	The ballot shall be printed to permit voting for or against the
85	85	proposition: "The constitutional amendment dedicating to the
86	86	national research university fund a portion of certain income from
87	87	the lease for oil and gas exploration of land dedicated to the
88	88	permanent university fund."