Bill Text: TX SJR5 | 2023-2024 | 88th Legislature | Engrossed

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Bill Title: Proposing a constitutional amendment relating to the Texas University Fund, which provides funding to certain institutions of higher education to achieve national prominence as major research universities and drive the state economy.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2023-04-14 - Referred to Higher Education [SJR5 Detail]

Download: Texas-2023-SJR5-Engrossed.html

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By: Huffman, et al. S.J.R. No. 5
SENATE JOINT RESOLUTION

proposing a constitutional amendment relating to the Texas
University Fund, which provides funding to certain institutions of
higher education to achieve national prominence as major research
universities and drive the state economy.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 49-g, Article III, Texas Constitution,
is amended by adding Subsection (p) to read as follows:
(p) On the first business day occurring on or after the 90th
day of each state fiscal year, an amount, if the amount is greater
than zero, equal to the lesser of $100 million or the interest and
other earnings attributable to the investment of money in the
economic stabilization fund for the preceding state fiscal year is
appropriated from the economic stabilization fund to the
comptroller of public accounts for the purpose of immediate deposit
to the credit of the Texas University Fund. For purposes of this
subsection, the amount of interest and other earnings attributable
to the investment of money in the economic stabilization fund for a
state fiscal year is computed by:
(1) determining the amount of interest due to the fund
for that fiscal year, including any interest credited to general
revenue under Subsection (i) of this section;
(2) adding to the amount determined under Subdivision
(1) of this subsection an amount equal to the change in the fair
market value of the fund between the last day of that fiscal year
and the last day of the preceding state fiscal year; and
(3) subtracting from the amount determined under
Subdivision (2) of this subsection the amount of any expenses of
managing the investments of money in the fund that are paid from the
fund during that fiscal year.
SECTION 2. Section 20, Article VII, Texas Constitution, is
amended by amending Subsections (a) and (g) and adding Subsection
(i) to read as follows:
(a) There is established the Texas University Fund
[national research university fund] for the purpose of providing a
dedicated, independent, and equitable source of funding to enable
emerging research universities in this state to achieve national
prominence as major research universities.
(g) The legislature shall establish criteria by which a
state university may become eligible to receive a portion of the
distributions from the fund. [A state university that becomes
eligible to receive a portion of the distributions from the fund in
a state fiscal biennium remains eligible to receive additional
distributions from the fund in any subsequent state fiscal
biennium.] The University of Texas at Austin and Texas A&M
University are not eligible to receive money from the fund.
(i) For purposes of Section 22, Article VIII, of this
constitution:
(1) money in the fund is dedicated by this
constitution; and
(2) an appropriation of state tax revenues for the
purpose of depositing money to the credit of the fund is treated as
if it were an appropriation of revenues dedicated by this
constitution.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment relating to the Texas
University Fund, which provides funding to certain institutions of
higher education to achieve national prominence as major research
universities and drive the state economy."