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A JOINT RESOLUTION
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proposing a constitutional amendment to clarify references to the |
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permanent school fund, to allow the General Land Office to |
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distribute revenue derived from permanent school fund land or other |
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properties to the available school fund, and to provide for an |
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increase in the market value of the permanent school fund for the |
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purpose of allowing increased distributions from the available |
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school fund. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-b(h), Article III, Texas |
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Constitution, is amended to read as follows: |
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(h) Lands purchased and comprising a part of the Veterans' |
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Land Fund are declared to be held for a governmental purpose, but |
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the individual purchasers of those lands shall be subject to |
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taxation to the same extent and in the same manner as are purchasers |
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of lands dedicated to the Permanent [Free Public] School Fund. The |
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lands shall be sold to veterans in quantities, on terms, at prices, |
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and at fixed, variable, floating, or other rates of interest, |
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determined by the Board and in accordance with rules of the Board. |
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Notwithstanding any provisions of this section to the contrary, |
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lands in the Veterans' Land Fund that are offered for sale to |
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veterans and that are not sold may be sold or resold to the |
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purchasers in quantities, on terms, at prices, and at rates of |
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interest determined by the Board and in accordance with rules of the |
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Board. |
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SECTION 2. Sections 2 and 4, Article VII, Texas |
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Constitution, are amended to read as follows: |
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Sec. 2. All funds, lands and other property heretofore set |
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apart and appropriated for the support of public schools; all the |
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alternate sections of land reserved by the State out of grants |
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heretofore made or that may hereafter be made to railroads or other |
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corporations of any nature whatsoever; one half of the public |
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domain of the State; and all sums of money that may come to the State |
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from the sale of any portion of the same, shall constitute a |
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permanent [perpetual public] school fund. |
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Sec. 4. The lands herein set apart to the Permanent [Public
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Free] School fund, shall be sold under such regulations, at such |
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times, and on such terms as may be prescribed by law; and the |
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Legislature shall not have power to grant any relief to purchasers |
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thereof. The proceeds of such sales must be used to acquire other |
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land for the Permanent [Public Free] School fund as provided by law |
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or the proceeds shall be invested by the comptroller of public |
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accounts, as may be directed by the Board of Education herein |
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provided for, in the bonds of the United States, the State of Texas, |
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or counties in said State, or in such other securities, and under |
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such restrictions as may be prescribed by law; and the State shall |
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be responsible for all investments. |
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SECTION 3. Section 5, Article VII, Texas Constitution, is |
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amended by amending Subsection (a) and adding Subsection (g) to |
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read as follows: |
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(a) The permanent school fund consists of all land |
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appropriated for public schools by this constitution or the other |
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laws of this state, other properties belonging to the permanent |
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school fund, and all revenue derived from the land or other |
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properties. The available school fund consists of the |
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distributions made to it from the total return on all investment |
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assets of the permanent school fund, the taxes authorized by this |
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constitution or general law to be part of the available school fund, |
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and appropriations made to the available school fund by the |
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legislature. The total amount distributed from the permanent |
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school fund to the available school fund: |
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(1) in each year of a state fiscal biennium must be an |
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amount that is not more than six percent of the average of the |
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market value of the permanent school fund, excluding real property |
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belonging to the fund that is managed, sold, or acquired under |
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Section 4 of this article, but including discretionary real assets |
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investments and cash in the state treasury derived from property |
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belonging to the fund, on the last day of each of the 16 state fiscal |
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quarters preceding the regular session of the legislature that |
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begins before that state fiscal biennium, in accordance with the |
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rate adopted by: |
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(A) a vote of two-thirds of the total membership |
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of the State Board of Education, taken before the regular session of |
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the legislature convenes; or |
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(B) the legislature by general law or |
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appropriation, if the State Board of Education does not adopt a rate |
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as provided by Paragraph (A) of this subdivision; and |
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(2) over the 10-year period consisting of the current |
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state fiscal year and the nine preceding state fiscal years may not |
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exceed the total return on all investment assets of the permanent |
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school fund over the same 10-year period. |
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(g) Notwithstanding any other provision of this |
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constitution or of a statute, the General Land Office or an entity |
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other than the State Board of Education that has responsibility for |
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the management of permanent school fund land or other properties |
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may in its sole discretion distribute to the available school fund |
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each year revenue derived during that year from the land or |
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properties, not to exceed $300 million each year. |
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SECTION 4. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by H.J.R. No. 109, 82nd |
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Legislature, Regular Session, 2011, providing for an increase in |
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the market value of the permanent school fund for the purpose of |
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allowing increased distributions from the available school fund. |
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(b) The change to Section 5(a), Article VII, of this |
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constitution made by the amendment applies to a distribution from |
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the permanent school fund to the available school fund made on or |
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after September 1, 2011. |
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(c) This temporary provision expires December 1, 2015. |
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SECTION 5. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 8, 2011. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment clarifying references |
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to the permanent school fund, allowing the General Land Office to |
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distribute revenue from permanent school fund land or other |
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properties to the available school fund to provide additional |
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funding for public education, and providing for an increase in the |
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market value of the permanent school fund for the purpose of |
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allowing increased distributions from the available school fund." |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.J.R. No. 109 was passed by the House on May |
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11, 2011, by the following vote: Yeas 147, Nays 0, 2 present, not |
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voting; and that the House concurred in Senate amendments to H.J.R. |
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No. 109 on May 23, 2011, by the following vote: Yeas 143, Nays 0, 2 |
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present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.J.R. No. 109 was passed by the Senate, with |
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amendments, on May 21, 2011, by the following vote: Yeas 31, Nays |
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0 |
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. |
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_______________________________ |
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Secretary of the Senate |
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RECEIVED: _____________________ |
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Date |
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_____________________ |
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Secretary of State |