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A JOINT RESOLUTION
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proposing a constitutional amendment to divert any net income |
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attributable to newly discovered oil and gas or other mineral |
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interests on permanent university fund land from the permanent |
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university fund to fund capital projects at certain public |
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univer |
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sities and agencies of higher education that are currently |
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ineligible for distributions from the permanent university fund. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VII, Texas Constitution, is amended by |
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adding Section 15-a to read as follows: |
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Sec. 15-a. Notwithstanding any other provision of this |
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constitution, any net income, including royalties, attributable to |
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oil and gas or other mineral interests discovered on or after |
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January 1, 2015, on permanent university fund land shall be |
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deposited to the credit of the state treasury and may be used only |
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for distribution to eligible public universities and agencies of |
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higher education under Section 17(a) in accordance with that |
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section. |
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SECTION 2. Section 17(a), Article VII, Texas Constitution, |
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is amended to read as follows: |
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(a) In the fiscal year beginning September 1, 1985, and each |
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fiscal year thereafter, there is hereby appropriated out of funds |
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deposited to the state treasury under Section 15-a, and out of the |
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first money coming into the state treasury not otherwise |
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appropriated by the constitution, a total of $100 million to be used |
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by eligible agencies and institutions of higher education for the |
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purpose of acquiring land either with or without permanent |
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improvements, constructing and equipping buildings or other |
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permanent improvements, major repair or rehabilitation of |
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buildings or other permanent improvements, acquisition of capital |
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equipment, library books and library materials, and paying for |
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acquiring, constructing, or equipping or for major repair or |
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rehabilitation of buildings, facilities, other permanent |
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improvements, or capital equipment used jointly for educational and |
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general activities and for auxiliary enterprises to the extent of |
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their use for educational and general activities. For the |
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five-year period that begins on September 1, 2000, and for each |
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five-year period that begins after that period, the legislature, |
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during a regular session that is nearest, but preceding, a |
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five-year period, may by two-thirds vote of the membership of each |
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house increase the amount of the constitutional appropriation for |
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the five-year period but may not adjust the appropriation in such a |
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way as to impair any obligation created by the issuance of bonds or |
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notes in accordance with this section. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2017. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to divert any net |
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income attributable to newly discovered oil and gas or other |
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mineral interests on permanent university fund land from the |
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permanent university fund to fund capital projects at certain |
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public universities and agencies of higher education that are |
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currently ineligible for distributions from the permanent |
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university fund." |