81st Texas Legislature, House Concurrent Resolution, House Bill 14 Page: 4 of 8
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H.J.R. No. 14
1 (f) The portion of the total return on investment assets of
2 the fund that is available for appropriation in a state fiscal
3 biennium under this section is the portion determined by the
4 legislature, or an agency designated by the legislature, as
5 necessary to provide as nearly as practicable a stable and
6 predictable stream of annual distributions to eligible state
7 universities and to maintain over time the purchasing power of fund
8 investment assets. If the purchasing power of fund investment
9 assets for any rolling 10-year period is not preserved, the
10 distributions may not be increased until the purchasing power of
11 the fund investment assets is restored. The amount appropriated
12 from the fund in any fiscal year may not exceed an amount equal to
13 seven percent of the average net fair market value of the investment
14 assets of the fund, as determined by law. Until the fund has been
15 invested for a period of time sufficient to determine the
16 purchasing power over a 10-year period, the legislature may provide
17 by law for means of preserving the purchasing power of the fund.
18 (g) The legislature shall establish criteria by which a
19 state university may become eligible to receive a portion of the
20 distributions from the fund. A state university that becomes
21 eligible to receive a portion of the distributions from the fund in
22 a state fiscal biennium remains eligible to receive additional
23 distributions from the fund in any subsequent state fiscal
24 biennium. The University of Texas at Austin and Texas A&M
25 University are not eligible to receive money from the fund.
26 (h) An eligible state university may use distributions from
27 the fund only for the support and maintenance of educational and
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Texas. Legislature. House of Representatives. 81st Texas Legislature, House Concurrent Resolution, House Bill 14, legislative document, June 3, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149254/m1/4/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.