A JOINT RESOLUTION
proposing a constitutional amendment relating to the Texas
University Fund, which provides funding to certain institutions of
higher education to achieve national prominence as major research
universities and drive the state economy.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTIONA1.AASection 49-g, Article III, Texas Constitution,
is amended by adding Subsections (p) and (q) to read as follows:
(p)AAOn the first business day occurring on or after the 90th
day of each state fiscal year, an amount equal to the interest
income, dividends, and investment earnings attributable to the
economic stabilization fund for the preceding state fiscal year,
not to exceed the amount determined under Subsection (q) of this
section, is appropriated from the economic stabilization fund to
the comptroller of public accounts for the purpose of immediate
deposit to the credit of the Texas University Fund. For purposes of
this subsection, the amount of interest income, dividends, and
investment earnings attributable to the economic stabilization
fund for a state fiscal year is computed by:
(1)AAdetermining the amount of interest and dividends
due to the fund for that fiscal year, including any interest
credited to general revenue under Subsection (i) of this section;
(2)AAadding to the amount determined under Subdivision
(1) of this subsection an amount equal to the increase, if any, in
the fair market value of the fund between the last day of that
fiscal year and the last day of the preceding state fiscal year; and
(3)AAsubtracting from the amount determined under
Subdivision (2) of this subsection the amount of any expenses of
managing the investments of money in the fund that are paid from the
fund during that fiscal year.
(q)AAThe amount of the appropriation made under Subsection
(p) of this section may not exceed:
(1)AAfor the state fiscal year beginning September 1,
2023, $100 million; or
(2)AAfor a state fiscal year beginning on or after
September 1, 2024, the amount determined under this subsection for
the preceding state fiscal year adjusted by the increase, if any, in
the general price level during the preceding state fiscal year, as
determined by the comptroller of public accounts on the basis of
changes in the consumer price index published by the Bureau of Labor
Statistics of the United States Department of Labor or a successor
agency and not to exceed two percent per state fiscal year.
SECTIONA2.AASection 20, Article VII, Texas Constitution, is
amended by amending Subsections (a) and (g) and adding Subsection
(i) to read as follows:
(a)AAThere is established the Texas University Fund
[national research university fund] for the purpose of providing a
dedicated, independent, and equitable source of funding to enable
emerging research universities in this state to achieve national
prominence as major research universities.
(g)AAThe legislature shall establish criteria by which a
state university may become eligible to receive a portion of the
distributions from the fund. A state university that is entitled to
participate in dedicated funding provided by Section 18 of this
article is [becomes eligible to receive a portion of the
distributions from the fund in a state fiscal biennium remains
eligible to receive additional distributions from the fund in any
subsequent state fiscal biennium. The University of Texas at
Austin and Texas A&M University are] not eligible to receive money
from the fund.
(i)AAFor purposes of Section 22, Article VIII, of this
constitution:
(1)AAmoney in the fund is dedicated by this
constitution; and
(2)AAan appropriation of state tax revenues for the
purpose of depositing money to the credit of the fund is treated as
if it were an appropriation of revenues dedicated by this
constitution.
SECTIONA3.AAThis proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment relating to the Texas
University Fund, which provides funding to certain institutions of
higher education to achieve national prominence as major research
universities and drive the state economy."