Bill Text: TX HB2646 | 2011-2012 | 82nd Legislature | Comm Sub
Bill Title: Relating to distribution by the School Land Board of revenue derived from permanent school fund land or other properties to the available school fund.
Spectrum: Moderate Partisan Bill (Republican 56-16)
Status: (Introduced - Dead) 2011-05-02 - Committee report sent to Calendars [HB2646 Detail]
Download: Texas-2011-HB2646-Comm_Sub.html
82R11453 KKA-D | ||
By: Orr, Aycock, Hochberg, Pitts, Otto, | H.B. No. 2646 | |
et al. |
|
||
|
||
relating to distribution by the School Land Board of revenue | ||
derived from permanent school fund land or other properties to the | ||
available 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) Each year the board shall distribute to the available school | ||
fund an amount equal to 50 percent of the net revenue derived during | ||
that year from permanent school fund land or other permanent school | ||
fund properties managed by the board. | ||
(b) In addition to the action required under Subsection (a), | ||
the [ |
||
release from the real estate special fund account additional funds | ||
previously designated under Section 51.401 [ |
||
managed, used, or encumbered under Section 51.402 or Section | ||
51.4021 [ |
||
the credit of: | ||
(1) the available school fund; or | ||
(2) the State Board of Education for investment in the | ||
permanent school fund. | ||
SECTION 2. This Act takes effect September 1, 2011. |