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 - Dead) 2017-03-23 - Referred to Finance [SJR57 Detail]
Download: Texas-2017-SJR57-Introduced.html
85R7531 MM-D | ||
By: Schwertner | S.J.R. No. 57 |
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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 [ |
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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." |