88R19481 KJE-D     By: Bonnen H.J.R. No. 3     Substitute the following for H.J.R. No. 3:     By:  Kuempel C.S.H.J.R. No. 3       A JOINT RESOLUTION   proposing a constitutional amendment renaming the national   research university fund as the Texas University Fund, providing   for the appropriation of certain investment income from the   economic stabilization fund to the Texas University Fund, excepting   appropriations to and from the Texas University Fund from the   constitutional limit on the rate of growth of appropriations, and   appropriating money from the general revenue fund to the Texas   University Fund for purposes of providing funding to certain public   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 Subsections (p) and (q) to read as follows:          (p)  On 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)  determining 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)  adding 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)  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.          (q)  The amount of the appropriation made under Subsection   (p) of this section may not exceed:                (1)  for the state fiscal year beginning September 1,   2023, $100 million; or                 (2)  for 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 rate of inflation 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.          SECTION 2.  Section 20, Article VII, Texas Constitution, is   amended by amending Subsections (a) and (g) and adding Subsections   (i) and (j) 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.          (j)  On January 1, 2024, the amount of $3.5 billion is   appropriated from the general revenue fund to the comptroller of   public accounts for the purpose of immediately depositing that   amount to the credit of the Texas University Fund.  This subsection   expires February 1, 2024.          SECTION 3.  The following temporary provision is added to   the Texas Constitution:          TEMPORARY PROVISION. (a)  This temporary provision applies   to the constitutional amendment proposed by the 88th Legislature,   Regular Session, 2023, renaming the national research university   fund as the Texas University Fund, providing for the appropriation   of certain investment income from the economic stabilization fund   to the Texas University Fund, excepting appropriations to and from   the Texas University Fund from the constitutional limit on the rate   of growth of appropriations, and appropriating money from the   general revenue fund to the Texas University Fund for purposes of   providing funding to certain public institutions of higher   education to achieve national prominence as major research   universities and drive the state economy.          (b)  Notwithstanding Section 49-g(p), Article III, of this   constitution, as added by the amendment, for the state fiscal year   beginning September 1, 2023, the amount described by that   subsection 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 on January 1,   2024.          (c)  This temporary provision expires February 1, 2024.          SECTION 4.  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 renaming the national   research university fund as the Texas University Fund, providing   for the appropriation of certain investment income from the   economic stabilization fund to the Texas University Fund, excepting   appropriations to and from the Texas University Fund from the   constitutional  limit on the rate of growth of appropriations, and   appropriating money from the general revenue fund to the Texas   University Fund for purposes of providing funding to certain public   institutions of higher education to achieve national prominence as   major research universities and drive the state economy."