By: Bonnen of Galveston (Senate Sponsor - Huffman) H.J.R. No. 3          (In the Senate - Received from the House April 18, 2023;   April 20, 2023, read first time and referred to Committee on   Finance; May 4, 2023, reported adversely, with favorable Committee   Substitute by the following vote:  Yeas 15, Nays 0; May 4, 2023,   sent to printer.)Click here to see the committee vote     COMMITTEE SUBSTITUTE FOR H.J.R. No. 3 By:  Huffman         COMMITTEE VOTE              YeaNayAbsentPNV          HuffmanX          HinojosaX          BettencourtX          CampbellX          CreightonX          FloresX          HallX          HancockX          HughesX          KolkhorstX          NicholsX          PaxtonX          PerryX          SchwertnerX          WestX          WhitmireX          ZaffiriniX     HOUSE 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:          SECTION 1.  Section 49-g, Article III, Texas Constitution,   is amended by adding Subsection (p) to read as follows:          (p)  On the first business day occurring on or after the 90th   day of each state fiscal year, an amount, if the amount is greater   than zero, equal to the lesser of $100 million or the interest and   other earnings attributable to the investment of money in the   economic stabilization fund for the preceding state fiscal year 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 and other earnings attributable   to the investment of money in the economic stabilization fund for a   state fiscal year is computed by:                (1)  determining the amount of interest due to the fund   for that fiscal year, including any interest credited to general   revenue under Subsection (i) of this section;                (2)  adding to the amount determined under Subdivision   (1) of this subsection an amount equal to the change 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)  subtracting 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.          SECTION 2.  Section 20, Article VII, Texas Constitution, is   amended by amending Subsections (a) and (g) and adding Subsection   (i) to read as follows:          (a)  There 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)  The 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 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)  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 3.  This 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."     * * * * *