Bill Text: TX SJR57 | 2017-2018 | 85th Legislature | Introduced


Bill Title: Proposing a constitutional amendment relating to the maximum amount of the annual distribution made from the permanent university fund to the available university fund.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2017-03-23 - Referred to Finance [SJR57 Detail]

Download: Texas-2017-SJR57-Introduced.html
  85R7531 MM-D
 
  By: Schwertner S.J.R. No. 57
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment relating to the maximum amount
  of the annual distribution made from the permanent university fund
  to the available university fund.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 18(e), Article VII, Texas Constitution,
  is amended to read as follows:
         (e)  The available university fund consists of the
  distributions made to it from the total return on all investment
  assets of the permanent university fund, including the net income
  attributable to the surface of permanent university fund land. The
  amount of any distributions to the available university fund shall
  be determined by the board of regents of The University of Texas
  System in a manner intended to provide the available university
  fund with a stable and predictable stream of annual distributions
  and to maintain over time the purchasing power of permanent
  university fund investments and annual distributions to the
  available university fund. The amount distributed to the available
  university fund in a fiscal year must be not less than the amount
  needed to pay the principal and interest due and owing in that
  fiscal year on bonds and notes issued under this section. If the
  purchasing power of permanent university fund investments for any
  rolling 10-year period is not preserved, the board may not increase
  annual distributions to the available university fund until the
  purchasing power of the permanent university fund investments is
  restored, except as necessary to pay the principal and interest due
  and owing on bonds and notes issued under this section. An annual
  distribution made by the board to the available university fund
  during any fiscal year may not exceed an amount equal to six [seven]
  percent of the average net fair market value of permanent
  university fund investment assets as determined by the board,
  except as necessary to pay any principal and interest due and owing
  on bonds issued under this section. The expenses of managing
  permanent university fund land and investments shall be paid by the
  permanent university fund.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2017.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment relating to the maximum
  amount of the annual distribution made from the permanent
  university fund to the available university fund."
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