Bill Text: TX HB313 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the higher education fund, the management of investments of the permanent university fund, and the allocation and distribution of certain constitutional revenues to the University of Houston.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2017-02-15 - Referred to Higher Education [HB313 Detail]
Download: Texas-2017-HB313-Introduced.html
By: Johnson of Harris | H.B. No. 313 |
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relating to the higher education fund, the management of | ||
investments of the permanent university fund, and the allocation | ||
and distribution of certain constitutional revenues to the | ||
University of Houston. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 62.021, Education Code, is amended by | ||
adding Subsection (g) to read as follows: | ||
(g) Notwithstanding Subsection (a), the allocation made by | ||
that subsection to the University of Houston is void, and any amount | ||
allocated by that subsection to the University of Houston for a | ||
state fiscal year after the state fiscal year ending August 31, | ||
2015, is reallocated to the other eligible institutions listed in | ||
Subsection (a) in that fiscal year in the manner provided by Section | ||
17A, Article VII, Texas Constitution. | ||
SECTION 2. The heading to Section 62.147, Education Code, | ||
is amended to read as follows: | ||
Sec. 62.147. INELIGIBILITY OF CERTAIN INSTITUTIONS | ||
RECEIVING PERMANENT UNIVERSITY FUND SUPPORT AND MAINTENANCE. | ||
SECTION 3. Sections 66.08(d) and (f), Education Code, are | ||
amended to read as follows: | ||
(d) The board of directors of the corporation shall have 11 | ||
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(1) seven members appointed by the board, of whom: | ||
(A) three must be members of the board; | ||
(B) three must have a substantial background and | ||
expertise in investments; and | ||
(C) one must be a qualified individual as | ||
determined by the board, which may include the chancellor of The | ||
University of Texas System; [ |
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(2) two members appointed by the board of regents of | ||
The Texas A&M University System, at least one of whom must have a | ||
substantial background and expertise in investments; and | ||
(3) two members appointed by the president of the | ||
University of Houston, at least one of whom must have a substantial | ||
background and expertise in investments. | ||
(f) If an investment contract entered into under Subsection | ||
(b) includes the permanent university fund within the scope of | ||
funds under the control and management of the board to be invested | ||
by the corporation, the board shall provide for an annual financial | ||
audit of the permanent university fund. The audit shall be | ||
performed by the auditors of The University of Texas System, [ |
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The Texas A&M University System, and the University of Houston | ||
System and presented to the board. | ||
SECTION 4. As soon as practicable following the effective | ||
date of this Act, The University of Texas Investment Management | ||
Company shall amend its bylaws to allow the president of the | ||
University of Houston to appoint two directors to the company's | ||
board of directors as required by Section 66.08(d), Education Code, | ||
as amended by this Act. | ||
SECTION 5. This Act takes effect September 1, 2018, but only | ||
if the constitutional amendment proposed by the 85th Legislature, | ||
Regular Session, 2017, entitling the University of Houston to | ||
participate in the income and other benefits of the permanent | ||
university fund, takes effect. If that amendment is not approved by | ||
the voters, this Act has no effect. |