89R13064 KJE-F     By: Parker S.J.R. No. 62       A JOINT RESOLUTION   proposing a constitutional amendment establishing the Texas Health   Care Workforce Education Fund to provide funding to eligible   institutions of higher education to address Texas' health care   workforce needs and drive the state economy.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article VII, Texas Constitution, is amended by   adding Section 21 to read as follows:          Sec. 21.  (a)  The Texas Health Care Workforce Education Fund   is established for the purpose of providing a dedicated,   independent, and equitable source of funding to enable   comprehensive regional universities in this state to address Texas'   health care workforce needs.          (b)  The fund consists of:                (1)  money appropriated, credited, or transferred to   the fund by the legislature;                (2)  gifts, grants, and donations received for purposes   of the fund; and                (3)  investment earnings and interest earned on amounts   credited to the fund.          (c)  The legislature shall provide for administration of the   fund, which shall be invested in the manner and according to the   standards provided for investment of the permanent university fund.   The expenses of managing the fund and its assets shall be paid from   the fund.          (d)  In each state fiscal biennium, the legislature may   appropriate as provided by Subsection (f) of this section all or a   portion of the total return on all investment assets of the fund to   carry out the purposes for which the fund is established.          (e)  The legislature biennially shall allocate the amounts   appropriated under this section, or shall provide for a biennial   allocation of those amounts, to eligible state universities to   carry out the purposes of the fund. The money shall be allocated   based on an equitable formula established by the legislature or an   agency designated by the legislature. The legislature shall review   and as appropriate adjust, or provide for a review and adjustment   of, the allocation formula at the end of each state fiscal biennium.          (f)  The portion of the total return on investment assets of   the fund that is available for appropriation in a state fiscal   biennium under this section is the portion determined by the   legislature, or an agency designated by the legislature, as   necessary to provide as nearly as practicable a stable and   predictable stream of annual distributions to eligible state   universities and to maintain over time the purchasing power of fund   investment assets.  If the purchasing power of fund investment   assets for any rolling 10-year period is not preserved, the   distributions may not be increased until the purchasing power of   the fund investment assets is restored.  The amount appropriated   from the fund in any fiscal year may not exceed an amount equal to   seven percent of the average net fair market value of the investment   assets of the fund, as determined by law.  Until the fund has been   invested for a period of time sufficient to determine the   purchasing power over a 10-year period, the legislature may provide   by law for means of preserving the purchasing power of the fund.          (g)  The legislature shall establish criteria by which a   state university may become eligible to receive a portion of the   distributions from the fund.           (h)  An eligible state university may use distributions from   the fund only for the support and maintenance of educational and   general activities that address the health care workforce needs of   the state. The legislature by general law may provide that a state   university that receives a distribution from the fund in a state   fiscal biennium may use the funds in a subsequent state fiscal   biennium without further appropriation.          (i)  For purposes of Section 22, Article VIII, of this   constitution:                (1)  money in the fund is dedicated by this   constitution; and                (2)  an 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.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 4, 2025.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment establishing the Texas   Health Care Workforce Education Fund to provide funding to eligible   institutions of higher education to address Texas' health care   workforce needs and drive the state economy."