Bill Text: TX HB1551 | 2015-2016 | 84th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to money distributed by the School Land Board to the available school fund or to the State Board of Education for investment in the permanent school fund.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Passed) 2015-06-17 - Effective immediately [HB1551 Detail]

Download: Texas-2015-HB1551-Comm_Sub.html

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By: Howard, Bonnen of Galveston, Koop H.B. No. 1551
(Senate Sponsor - Hancock)
(In the Senate - Received from the House May 11, 2015;
May 12, 2015, read first time and referred to Committee on Finance;
May 21, 2015, reported favorably by the following vote: Yeas 13,
Nays 0; May 21, 2015, sent to printer.)
Click here to see the committee vote

A BILL TO BE ENTITLED
AN ACT
relating to money distributed by the School Land Board to the
available school fund or to the State Board of Education for
investment in the permanent school fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 51.413, Natural Resources Code, is
amended to read as follows:
Sec. 51.413. TRANSFERS FROM THE REAL ESTATE SPECIAL FUND
ACCOUNT TO THE AVAILABLE SCHOOL FUND AND THE PERMANENT SCHOOL FUND.
(a) The board may, by a resolution adopted at a regular meeting,
release from the real estate special fund account funds previously
designated under Section 51.401 [of this chapter] or managed, used,
or encumbered under Section 51.402 or Section 51.4021 [of this
chapter] to be deposited in the State Treasury to the credit of:
(1) the available school fund; or
(2) the State Board of Education for investment in the
permanent school fund.
(b) The board shall adopt rules to establish the procedure
that will be used by the board to determine the date a transfer will
be made and the amount of money that will be transferred to the
available school fund or to the State Board of Education for
investment in the permanent school fund from the real estate
special fund account as provided by Subsection (a).
SECTION 2. Subchapter I, Chapter 51, Natural Resources
Code, is amended by adding Section 51.4131 to read as follows:
Sec. 51.4131. REPORT ON ANTICIPATED TRANSFER OF FUNDS. Not
later than September 1 of each even-numbered year, the board shall
submit to the legislature, comptroller, State Board of Education,
and Legislative Budget Board a report that, specifically and in
detail, states the date a transfer will be made and the amount of
money the board will transfer during the subsequent state fiscal
biennium from the real estate special fund account of the permanent
school fund established under Section 51.401 to the available
school fund or the State Board of Education for investment in the
permanent school fund.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.
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