The Albany News (Albany, Tex.), Vol. 81, No. 51, Ed. 1 Thursday, August 19, 1965 Page: 3 of 10
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r, August 19, 1965
IOTICS
THE ALBANY NEWS '
THE
THE
17
_ Onfti-
ft Texaa
I MTMftcr
I tin of the
an wwp-
(7#> o"
Dollar*
fore
if br-
other
_ Con-
, ft fttate ad
of
. „„ One
($100.00)
JTfoir the
of Con
.... ind
of the
.m
other
Con-
'a fttate ad
of
. One
($100.00)
•poee of
I for the
eon-
aqaip-
ther perma-
i at the dea-
Of higher
lat none of
tax ahall
•12
governing
li Inatltu-
is
all
_ al-
tution aa
hereinafter provided, to M.
core bond* or note* issued
for the purpose of acquiring,
constructing and initially
equipping such building* or
other permanent improve-
ments at said respective In-
stitu turns. finch bondc or
notea shall be issued in rodi
amoonta aa may be determ-
e« by the governing board*
of aaid reipective institution*,
•hall bear interest not to ex-
ceed four per cent (4%) per
annum and ahall mature aer-
ially or otherwise in not more
. <10> V*n; Pro-
Tided further, that the state
tax on property as heretofore
permitted to be levied by See-
tkm $ of Article VIII, at
amended, exclusive of the
tax necessary to pay the pub-
lie debt, and of the taxes pro-
vided for the benefit of the
pablk »«hools, shall never
exceed Thirty Cento (304) on
the One Hundred Dollars
(IIM.OO, valuation. All bonds
•hall be examined and ap-
proved by the Attorney Gen-
era! of the State of Texas, and
when so approved shall be in-
contestable; and all approved
bonds shall be registered in
the office of the Comptroller
of Public Accounts of the
State of Texaa. Said bonds
shall be sold only through
competitive bids and shall
never be sold for lesa than
their par value and accrued
interest.
"The following state institu-
tion* then in existence shall
be eligible to receive funds
ralaed from aaid Ten Cent
(10#) tax levy for the twelve-
year period beginning Janu-
ary 1, I960, ana for the suc-
ceeding ten-year period:
Arlington State College at
Arlington
Texas Technological College
at Lubbock
North Texaa Stato Universi-
ty at Denton
Lamar Stato College of
Technology at Beaumont
Texaa College of Arts and
Industries at Kingaville
Texaa Woman's University
at Denton
Texaa Southern University
at Houston
Midwestern University at
Wichita Pal la
Univeraity of Houaton at
Houaton
Pan American College at
Edinbunr
Eaat Texas State College at
Commerce
Sam Houaton State Teach-
ers College at Huntsville
Southwest Texas Stato Col-
lege at San Marc*
West Texas State Unlversl-
ty at Canyon
A1™ nSX.'W «
A$t ""* «•*»• •' «■»
ir*S?ar?£2
« <>J the Comptroller of pub-
he Account, of the State of
L?" ™ Jane 1, and
/JT US"? Otr.lo/wch
t allocated by
O" June l,
"(I) Ninety per cent (90%)
,,9W; shall be allocated to
H ? ."ft'tutlon* based „„
fnro!,m*nt increase*
WblisnedI by the Coordinating
Board, _ Texaa College and
hSST1/,. Sj,,Vm 'or f»"
19K to fall 1978.
It) Ten per cent (10%)
i '""da allocated on Jane
'•J*9** *h»'l be allocated to
."le eligible state
institutions based on the num-
jsdditional square feet
needed in educational and
general facilities by such elig-
ible state institution to meet
* « ******* square feet per
full time equivalent student
of all state senior institutions
(currently numbering twenty-
"h) AH of the funds allo-
cated on June 1, 1972, shall
be allocated to certain of the
eligible a t a t e institutions
based on determinations used
in the June 1, 1966, alloca-
tions except that the alloca-
tions of fifty ner cent (50%)
of the funds allocated on June
1, 1972, shall he baaed on
projected enrollment increases
for fall 1972 to fall 1978, and
fifty per cent (50%) of such
funds allocated on June 1,
1972, shall be based on the
need for additional square
feet of educational and gen-
eral facilities.
"Not later than June first
of the beginning year of each
succeeding ten-year period
the Comptroller of Public Ac-
counts of the State of Texas
shall reallocate eighty-five per
cent (85%) of the funds to
be derived from said Ten
Cent f 10#) ad valorem tax
for said ten-year period and
not later than June first of
the sixth year of each suc-
ceeding ten-year period said
Comptroller shall reallocate
fifteen per cent (15%) of
such funds to the eligible
stato institutions then in ex-
istence baaed on determina-
tions for the said ten-year
period that are similar to the
determinations used in allo-
cating funds during the
twelve-year period beginning
January 1, 1966, except that
enrollment projections for
succeeding ten-year periods
will be from the fall semester
of the first year to the fall
•emeater of the tenth year
All such designated institu-
tions of higher learning shall
not thereafter receive any
general revenue funda for the
acquiring or constructing of
buildings or other permanent
improvement* for which said
Ten Cent (10c) ad valorem
tax i* herein provided, except
in case of fire, flood, storm,
ct earthquake occurring at
any *uch institution, in which
case an appropriation in an
amount sufficient to replace
the uninsured loss so incurred
may be made by the Legisla-
ture out of any General Rev-
enue Fund*. The State Comp-
troller of Public Accounts
shall draw all necessary and
proper warrant* upon the
State Treasury in order to
carry out the purpose of this
Amendment, and the State
Treasurer shall pay warrants
so issued out of the special
fund hereby created for said
purpose. This Amendment
shall be self-enacting. It shall
become operative or effective
upon its adoption so as to su-
persede and repeal the form-
er provisions of this Section;
Provided further, that nothing
herein shall be construed as
impairing the obligation in-
curred by any outstanding
notes or bonds heretofore is-
sued by any state institution
of higher learning under this
Section prior to the adoption
of this Amendment but *uch
notes or bonds shall be paid,
both a* to principal and in-
terest, from the fund aa allo-
cated to any such institution.
Sec. 2. The foregoing Con-
stitutional Amendment shall
be submitted to a vote of the
qualified electors of this
state at the General Election
to be held on the first Tues-
day after the first Monday in
November, A.D. 1965, at
which election all ballots shall
have printed thereon:
"FOR the Amendment to
Article VII of the Constitu-
tion of the State of Texas by
amending Section 17 there-
of, providing a method of
payment for the acquiring,
Constructing and equipping
buildings and other perma-
nent improvements at cer-
tain state institutions of
higher learning."
"AGAINST the Amendment
to Article VII of the Consti-
tution of the State of Texas
by amending Section 17
thereof, providing a method
of payment for the acquir-
ing, constructing and equip-
ping of buildings and other
permanent improvements at
certain state institutions of
higher learning."
Sec. 3. The Governor shall
issue the necessary proclama-
tion for said election nnd have
the same published as required
by the Constitution and laws
of this state.
ILIC NOTICE
(STITUTIONAL AMENDMENT
\ EIGHT ON THE BALLOT
B8T1TU-
NDMENT
IN AT AN
BE HELD
, X 1965.
RESOLU-
, reposing an
action 1-a of
Constitution
Taxes, by ail fi-
ction a* pres-
the following
tiring nutoma-
jf certain Dis-
llato Judges at
» (75) or such
I under seventy
bt provided by
| 4 Bute Judicial
Amission and
p_ composition
•tlons, method*
d tonus of of-
mbers; defining
i _ind procedure*
' Ion, including
..Htigate, anil
In respect of,
misconduct of
Uttwllate Judges
.JmmendatioiiH
Court of Tex-
ry retirement
such Judges;
Supreme
In its discre-
te)! Judges for
remove them
upon recom-
[ the aforesaid
M consideration
I made before
:onduct for
J may be so
ling that the
said Commis-
ifidentia! until
ipreme Court
lation for re-
>valj and pro-
removnl pro-
y established
-jative to and
those provided
Constitution.
ID BY TIIK
; OP THE
IXAS:
it Section 1-a
the Constitu-
te of Texas be
it said Section
wad as fol-
(1) Subject to
"" Islons of this
.Islature shall
i retirement and
L of Justices nnd
the Appellate
; ana Crim-
Ourts on ac-
i of service, age
. and for their
active duty
needed. The
such Justice
ul become va-
incumbcnt
of seventy-
or such earl-
than seventy
te Legislature
but, in the case
nt whose term
>• the effective
Mndment, this
Hot prevent
him from serving the remain-
der of said term nor be ap-
plicable to him before his
period or periods of judicial
service shall have reached a
total of ten (10) years.
"(2) There is hereby created
the State Judicial Qualifica-
tions Commission, to consist
of nine (U) members, to wit:
(I) two (2) Justices of Courts
of Civil Appeals; (ii) two (2)
District Judges; (iii) two (2)
mem hers of the StaU Bsr,
who have respectively practic-
ed ag such tot over ten (10)
consecutive years next preced-
ing their selection; (iiii) three
(.'!) citizens, at least thirty
(30) years of age, not licensed
to practice law nor holding
any salaried public office or
employment; provided that no
person shall be or remain a
member of the Commission,
who does not maintain physi-
cal residence within this State,
or who resides in, or holds a
judgeship within or for, the
same Supreme .Judicial Dis-
trict as another member of
the Commission, or who shall
have ceased to retain the quali-
fications above specified for
his respective class of mem-
be r b h i p. Commissioners of
classes (i) and (ii) above shall
be chosen by the Supreme
Court with advice and consent
of the Senate, those of class
(iii) by the Board of Direc-
tors of the State Bar under
regulations to be prescribed
by the Supreme Court with
advice and consent of the ^cn-
nte, and those of class (mi)
by appointment, of the Gover-
nor with advice and consent of
the Senate.
"(.')) The regular term of
office of Commissioners shall
be six (l>) years; but the ini-
tial members of each ot
classes (i), (ii) nnd (in) shall
respectively In- chosen lor
terms of four (4) and six
(fi) years, and the initial
members of class (mi) f°'
respective terms of two (-).
four (4) and six (6) ycaw-
Interim vacancies shall ne
filled in the same manner
as vacancies due to exl)lr"'
tion of a full term, but only
for the unexpired portion ol
the term in question. Com-
missioners may succeed them-
selves in office only if
served less than three (•*)
consecutive years.
"(4) Commissioners shall
receive no compensation for
their services as such, ine
Legislature shall provide for
the payment of the necessary
expense for the operation or
the Commission.
"(5) The Commission may
hold its meetings, hearings
and other proceedings at such
times and places ns it shall
determine but shall meet at
Austin at least once each year.
It shall annually M[ec.t__°"a
of its members as Chairman.
A quorum shall Jr
five (5) members. 1 roceed
ings shall be by majority vote
of those present, except that
recommendations for retire-
ment or removal of Justices
or Judges shall be by affirm-
ative vote of at least five
(5) members.
"(6) Any Justice or Judge
within the scope of this Sec-
tion 1-a may, subject to the
other provisions hereof, be
removed from office for will-
ful or persistent conduct,
which is clearly inconsistent
with the proper performance
of his said duties or casts
public discredit upon the judi-
ciary or administration of
justice; or nny such Justice
or Judge inay be involun-
tarily Mtlreil for disability
seriously interfering with the
performance of his duties,
which is, or is likely to be-
come, permanent in nature.
"(7) The Commission shall
keep itself informed as fully
as may be of circumstances
relating to misconduct or dis-
ability of particular Justices
or Judges, receive complaints
,,r reports, formal or informal,
from any source in this behalf
and make such preliminary in-
vestigations as it may deter-
mine. Its orders for the at-
tendance or testimony of wit-
nesses or for the production
of documents at any hearing
or investigation shall be en-
forceable by contempt pro-
ceedings in the District Court.
"(8) The Commission may,
after such investigation ns it
deems necessary, order a hear-
ing to be held before it con-
cerning the removal or re-
tirement of a Justice or Judge,
or it may in its discretion re-
quest the Supreme Court to
appoint an active or retired
District Judge or Justice of a
Court of Civil Appeals ns a
Master tn hear nnd take evi-
dence in any such matter, and
to report thereon to the C om-
mission. If, after hearing, or
after considering the record
nnd report of a Master, the
Commission finds good cause
therefore, it shall recommend
to the Supreme Court the re-
moval or retirement, ns the
case may be, of the Justice
or Judge in question and
shall thereupon file With the
Clerk of the Supreme Court
the entire record before the
Commission.
"(9) The Supreme toun
shall' review the record of the
proceedings on the law and
Facts and in its discretion
may, for (food cause shown,
permit the introduction^
additional evidence and shall
order removal or retirement,
as it finds just and proper,
„r wholly reject the recom-
mendation. Upon an order
for involuntary retirement
for disability or nn order for
removal, the office in question
shall become vacant, lhe
rights of an incumbent so re-
tired to retirement benefits
shall be the same as if his
retirement had been volun-
'%0) All papers filed with
and proceedings before the
Commission or a M08'" * !"1'
be confidential, andthef.hng
of papers with, and the giv-
ing of testimony before, the
Commission, Master or the
Supreme Court shall be privil-
eged; provided that upon be-
ing filed in the Supreme Court
the record loses its confiden-
tial character.
"(11) The Supreme Court
shall by rule provide for the
procedure before the Commis-
sion, Masters and the Supreme
Court. Such rule shall afford
to any judge against whom a
proceeding is instituted to
cause his retirement due pro-
cess of law for the procedure
before the Commission, Mas-
ters nnd the Supreme Court
in the same manner that any
person whose property rights
are in jeopardy in an adjudic-
atory proceeding is entitled to
due process of law, regardless
of whether or not the interest
of the judge in remaining in
active status is considered to
be a right or a privilege. Due
process shall include the right
to notice, counsel, hearing,
confrontation of his accusers,
and all such other incidents
of due process ns are ordina-
rily available in proceedings
whether or not misfeasance is
charged, upon proof of which
a penalty mny be imposed.
"(12) No Justice or Judge
shall sit. as a member of the
Commission or Supreme Court
in any proceeding involving
his own retirement or removal.
"(13) This Section 1-a is al-
ternative to, and cumulative
of, the methods of removal of
Justices nnd Judges provided
elsewhere in this Constitu-
tion."
Sec. 2. The foregoing Con-
stitutional Amendment shall
lie submitted to a vote of the
qualified electors of the State
at an election to be held on
the first Tuesday after the
first Monday in November,
1905, nt which election all bal-
lots shall have printed there-
on the following:
"FOR the Constitutional
Amendment providing for
the automatic retirement of
District and Appellate
Judges for old age, creat-
ing the State Judicial Quali-
fications Commission, defin-
ing its functions; and em-
powering the Supremo
Court, upon recommenda-
tion of said Commmssion, to
remove District and Appel-
late Judges for misconduct
and to retire such Judges in
cases of disability.
"AGAINST the Constitu-
tional Amendment providing
for the automatic retirement
of District nnd Appellate
Judges for old age, creat-
ing the State Judicial Quali-
fications Commission, de-
fining its functions; nnd cm-
powering the Supreme
Court, upon recommenda-
tio.'. of said Commission, to
remove District and Appel-
late Judges for misconduct
nnd to retire such judges in
cases of disability."
Sec. 3. The Governor shall
issue the necessary proclama-
tion for the election, and this
Amendment shall be published
as required by the Constitu-
tion and law* of this State.
Albany News want ads get quick results -- try them today!
PUBLIC NOTICE
proposed CONSTITUTIONAL AMENDMENT
NUMBER SEVEN ON THE BALLOT
PROPOSED CONSTITU-
TIONAL AMENDMENT
TO BE VOTED ON AT AN
ELECTION TO HE HELD
ON NOVEMBER 2, 1565.
SENATE JOINT RESOLU
TION NO. 1 proposing an
Amendment U> 'J«e Constitu-
tion of the State of Texas pro-
viding for the exemption from
local ad valorem tarces of the
property of certain charitable
organization*, provided such
organizations meet certain
conditions and requirements
and expend at least One and
One-half Million Dollars (tl,-
500,000.'»0) annually on free
medical and hospital care for
the indigent within the State
of Texas; providing for the
necessary election, form of bal-
lot, proclamation and publica-
tions.
PREAMBLE
WHEREAS,The Legislature
finds and declare* that there
i* a need for the operation of
hospitals by private charitable
enterprises which will furnish
free medical and/or hospital
rare for the indigent in Texas;
and
WHEREAS, The operation
of *uch hospitals and the furn-
ishing of such free medical
care and hospitalization for
the indigent in Texas will adil
to the welfare and well-being
of the State of Texas and its
residents and citizens; and
WHEREAS, The need for
the operation of such hospitals
and the furnishing of such
free medical care and hospital-
ization for the indigent is es-
pecially great In counties hav-
ing a population in excess of
one million two hundred forty
thousand (1,240,000); and
WHEREAS, It is found and
declared to be the l'ublic Poli-
cy of the State to foster and
encourage such operation of
hospital* as aforesaid; now,
therefore,
BE IT RESOLVED BY THE
LEGISLATURE OK THE
STATE OF TEXAS;
Section 1. The Constitution
of the State of Texas is
amended hereby, by the addi-
tion of a new Section to Ar-
ticle VIII thereof, to be num-
l«'red Section 2-A, and read-
ing as follows:
"2-A. The properties of any
charitable trust or organiza-
tion, if such trust or organi-
zation is dedicated to, and op-
erates a hospital furnishing
free hospital and/or medical
care for the indigent within
the State of Texas, shall be
exempt from all ad valorem
taxes levied by any taxing en-
tity, except by the State of
Texas itself, provided:
"(1) such trust or organiza-
tion has expended for free
hospital and/or medical care
within the State of Texas, dur-
ing the calendar year next pre-
ceding, a sum of not less than I
One and One-half Million Dol-
lars ($1,600,000.00); and, fur-
ther provided,
"(2) after such exemption
has been in force and effect
for one full calendar year, the
amount expended for free hos-
pital and/or medical care,
within the State of Texas,
amounts to not less than One
Million Eight Hundred Thous-
and Dollars ($1,800,000.00) for
the calendar year next pre-
ceding; and, further provided,
(•'!) such trust or organiza-
tion is exempt from United
States income taxes;
"(4) such charitable trust or
organization maintains it* do-
micile and operate* a hospital
or hospitals in a county hav-
ing a population of more than
one million two hundred forty
thousand (1,240,000) accord-
ing to the last preceding Fed-
eral Census, and such exemp-
tion shall apply only to the
properties of such charitable
trust or organization located
within the county of its domi-
cile.
Proof of compliance with
all applicable conditions stated
above, shell constitute a com-
plete defense to any suit for
ad valorem taxes levied or at-
tempted to be levied by any
taxing entity other than the
State of Texas itself.
'This Amendment shall be
self-enacting."
Sec. 2. The foregoing Con-
stitutional Amendment shall
lie submitted to a vote of the
qualified electors of this state
at an election to be held on
the first Tuesday after the
first Monday in November,
1065, at whicfc election all bal-
lots shall have printed thereon
the following:
FOR the Amendment ex-
empting the property of cer-
tain charitable organizations
from local ad valorem taxes
provided any such organi-
zation meets certain condi-
tions, and expends at least
One and One-half Million
Dollars ($1,500,000.00) an-
nually for free hospital and
medical care for the indigent
within the State of Texas.
AGAINST the Amendment
exempting the property of
certain charitable organiza-
tions from local ad valorem
taxes provided any such or-
ganization meets certain
conditions, nnd expends at
least One and One-half Mil-
lion Dollars ($1,500,000.00)
annually for free hospital
nnd medical care for the in-
digent within the State of
Texas.
Sec. !(. The Governor of
Texas shall issue the neces-
sary proclamation for the
election and this Amendment
shall be published in the man-
ner and for the length of time
as required by the Constitu-
tion and Laws of this State.
The News encourages readers to carefully
proposed amendments and to vote their sentiments aa Nov. t
PUBLIC NOTICE
proposed CONSTITUTIONAL AMENDMDii
NL'MBER SIX ON THE BALLOT
PROPOSED C O N S T I T U-1
TION A L AMENDMENT
TO BE VOTED ON AT AN
ELECTION TO BE HELD
ON NOVEMBER 2, 1965.
HOUSE JOINT RESOLU-
TION NO. 11 proposing an
Amendment to Article III of
the Constitution of the State
of Texas authorizing loans to
students at institutions of
higher education; creating the
Texas Opportunity I'lan Fund
and making provision* relat-
ing thereto.
BE IT RESOLVED BT THE
LEGISLATURE OP THE
STATE OF TEXAS:
Section 1. That Article Til
of the Constitution of the
State of Texas be amended by
adding a new Section to read
as follows:
"Section 50b. STUDENT
LOANS, (a) The Legislature
may provide that the Coord-
inating Hoard, Texas College
and University System, or its
successor or successors, shall
have the authority to provide
for, issue and sell general ob-
ligation bonds of the State of
Texas in an amount not to ex-
ceed Eighty-five Million Dol-
lars ($85,000,000). The bonds
authorized herein shall be
railed 'Texas College Student
Loan Bonds,' shall be executed
in such form, denomination*
and upon such terms as may
be prescribed by law, pro-
vided, however, that the bond*
shall not bear more than four
per cent (4"/') interest per
annum; they may be issued
in such installments as the
Board finds feasible and prac-
tical in accomplishing the pur-
poses of this Section.
"(b) All moneys received
from the sale of such bonds
shall be deposited in a fund
hereby created in the State
Treasury to be known as the
Texas Opportunity I'lan Fund
to lie administered by the Co-
ordinating Board, Texas Col-
lege and University System,
or its successor or successors
to make loans to students who
have been admitted to attend
any institution of higher edu-
cation within the State of
Texas, public or private, in-
cluding Junior Colleges, which
are recognized or accredited
under terms and conditions
prescribed by the Legislature,
and to pay interest and prin-
cipal on such bonds and pro-
vide a sinking fund therefor
under such conditkos as the
Legislature may prescribe.
"(c) While any of the
bonds, or interest on said
bonds authorized by this Sec-
tion is outstanding and un-
paid, there is hereby appro-
priated out of the first money*
coming into the Treasury in
each fiscal year, not otherwise
appropriated by thi« Consti-
tution, an amount sufficient
to pay the principal and in-
terest on such bonds that ma-
ture or become due duriajf
such fiscal year, lesa the
amount in the sinking fund at
the close of the prior fiscal
year.
"(d) The Legislature may
provide for the investment of
moneys available in the Texas
Opportunity Plan Fund, anf
the interest and sinking funds
established for the payment of
bonds issued by the Coordin-
ating Board, Texaa Colleg*
and University System, or its
successor or successor*. In-
come from such investment
shall be used for the purposes
prescribed by the Legislature.
"(e) All bonds issued here-
under shall, after approral bjr
the Attorney General, regis-
tration by the Comptroller ot
Public Accounts of the Stats
of Texas, and delivery to ths
purchasers, be incontestable
and shall constitute general
obligations of the Stats aT
Texas under this Constitution.
"(f) Should the Legislatum
enact enabling laws in antici-
pation of the adoption of this
Amendment, such acts
not be void becauae of their
anticipatory nature."
Sec. 2. The foregoing Con-
stitutional Amendment *«a
be submitted to a vote of ths
qualified electors of this State
at an election to bs held sa
the first Tuesday after ths
first Monday in November.
1965, at which election all bal-
lot* shall have printed os
them the following i.
"FOR the Constitutional
Amendment authorising ths
Legislature to provide for
loans to students at institu-
tions of higher education to
be known as the Texaa Op-
portunity Plan.
"AGAINST the Conatitn-
tional Amendment authoris-
ing the Legislature to pro-
vide for loana to students
at institutions of higher
education to be known aa
the Texaa Opportunity
Plan."
See. 3. The Governor of the
State of Texas shall issue ths
necessary proclamation for
the election and this Amend-
ment shall be published in the
manner and for the length of
time as required by the Con-
stitution and lawa of thia
State.
PUBLIC NOTICE
Proposed CONSTITUTIONAL AMENDMENT
NUMBEK FIVE ON THE BALLOT
PROPOSED CONSTITU-
TION AL AMENDMENT
TO HE VOTED ON AT AN
ELECTION TO HE HELD
ON NOVEMBER 2, l!)6f>.
SENATE JOINT RESOLU-
TION NO. 27 proposing an
Amendment to the Constitu-
tion of the State of Texas,
amending Article III of the
Constitution of the State^ of
Texas by adding a new Sec-
tion thereto to be designated
Section 48b, so ns to create
as nn agency of the State of
Texas the Teacher Retirement
System of Texas, vesting the
general administration and re-
sponsibility of the proper op-
eration of said system in a
state board of trustees to be
known as the State Board of
Trustees of the Teacher Re-
tirement System of Texas, au-
thorizing said Board to invest
assets of said system in vari-
ous obligations and subjects
of investment, subject to cer-
tain restrictions stated therein
and such other restrictions as
may hereafter be provided by
law; p r o v i d i n g that such
Vmendment shall be self-en-
acting and shall not alter,
imend or repeal Section 48a
of Article III of the Constitu-
tion of Texas or any legisla-
tion passed pursuant thereto
except insofar as such legisla-
tion may limit or restrict the
provisions of this Amend-
ment; providing for the nec-
essary election, form of bal-
lot, proclamation, and publi-
cation.
BE IT RESOLVED BY THE
LEGISLATURE OF THE |
STATE OF TEXAS: I
Section 1. That Article III j
of the Constitution of the |
State of Texas be amended j
by adding Section 48b there
to which shall read as follows:
"Section 48b. There is here- J
by created as an agency of the
State of Texas the Teacher
Retirement System of Texas,
the rights of membership (
in which, the retirement privi- •
and benefits thereunder, ,
leges
nnd the management nnd op-
erations of which shall ^ be
governed by the provisions
herein contained and by pres-
ent or hereafter enacted Acts
of the Legislature not incon-
sistent herewith. The general
I administration and responsi-
J liility for the proper opera-
tion of said system arc hereby
vested in a State Board of
Trustees, to be known as the
State Board of Trustees of
the Teacher Retirement Sys-
tem of Texas, which Board
shall lie constituted and shall
serve as may now or here-
after be provided by the Leg-
islature. Said Board shall ex-
ercise such powers as are
herein provided together with
such otVr powers and duties
not inconsistent herewith as
may be prescribed by the Leg-
islature. All moneys from
whatever source coming into
the Fund to provide retire-
ment, disability, and death
benefits for persons employed
in the public schools, colleges. \
a r. d universities supported
w holly or partly by the state !
and all other securities,
moneys, nnd assets of the
Teacher Retirement System
of Texas shall be adminis-
tered by said Board and said
Board shall be the trustees
thereof. The Treasurer of the
State of Texas shall be cus-
todian of said moneys and se-
curities. Said Board is hereby
authorized and empowered to
acquire, hold, manage, pur-
chase, sell, assign, trade,
transfer, nnd dispose of any
securities, evidences of debt,
and other investments in
which said securities, moneys,
and assets have been or may
hereafter be invested by said
Board. Said Board is hereby
authorized and empowered to
invest and reinvest nny of
said moneys, securities, and
assets, as well as the pro-
ceeds of any of such invest-
ments, in bonds, notes, or
other evidences of indebted-
ness issued, or assumed or
guaranteed in whole or in
part, by the United States or
any agency of the United
States, or by the State t of
Texas, or by any county, city,
school district, municipal corp-
oration, or other political sub-
division of the State of Texas,
both general and special obli-
gations; or in home office fa-
cilities to be used in admin-
istering the Teacher Retire-
ment System including land,
equipment, and office build-
ing: or in such corporation
bonds, notes, other evidences
of indebtedness, and corpora-
tion stocks, including common
and preferred stocks, of any
corporation created or exist-
ing under the laws of the
United States or of any of the
states of the United States, as
said Board may deem to be
proper investments; provided
that in making each and all of
such investments said Board
shall exercise the judgment
and care under the circum-
stances then prevailing which
men of ordinary prudence, dis-
cretion, and intelligence exer-
cise in the management of
their own affairs, not in re-
gard to speculation but in re-
gard to the permanent disposi-
tion of their funds, considering
the probable income therefrom
as well as probable safety of
their capital; and further pro-
vided, that a sufficient sum
shall be kept on hand to meet
payments ns they become due
each year under such retire-
ment plan, as may now or
hereafter be provided by law.
Unless investments authorized
he^'in are hereafter further
restricted by an Act of the
Legislature, no more than one
per cent (1%) of the book
value of the total assets of the
Teacher Retirement System
shall he invested in the stock
of any one (1) corporation, nor
shall more than five per cent
(5r!) of the voting stock of
any one (1) corporation be
owned; nnd provided further,
that stocks eligible for pur-
chase shall be restricted to
stocks of companies incorpor-
ated within the United States
which have paid cash dividends
for ten (10) consecutive years
or longer immediately prior to
tho date of purchase and which,
except for bank stocks and in-
surance stocks, are listed upon
an exchange registered with
the Securities nnd Exchange
Commission or its successors;
and provided further, that so
long as less than $500,000,000
of said Fund is invested in the
government nnd municipal se-
curities enumerated above, not
more than thirty-three and
lone-third per cent (33%%)
| of the Fund shall be invested
at any given time in common
stocks. This Amendment shall
be self-enacting and shall be-
come effective immediately up-
on its adoption without any
enabling legislation. This Sec-
tion shall not alter, amend or
repeal the first paragraph of
Section 48a of Article III of
the Constitution of Texas as
amended November 6, 1956,
or nny legislation passed pur-
suant thereto. Thi* Section
shall not alter, amend or re-
peal the second paragraph of
Section 48a of Article III of
the Constitution of Texa* aa
amended November 6, 1956, or
any legislation passed pursu-
ant thereto, except insofar aa
the provisions of the second
paragraph of Section 48a and
any legislation passed pursu-
ant thereto, may limit or re-
strict the provision* hereof
and only to the extent of such
limitation or restriction."
Sec. 2. The foregoing Con-
stitutional Amendment shall
be submitted to a vote of the
qualified electors of thi* state
at an election to be held cm
November 2, 1966, at which
election all ballots shall ham
printed thereon the following^:
"FOR the Constitutional
Amendment amending Arti-
cle III of the Constitution
of the State of Texas by
adding Section 48b relating
to the Teacher Retirement
Fund and the Teacher Re-
tirement System of Texas,
revising provision* for in-
vestment of moneys and
other assets of the Fund,
and changing other existing-
provisions and making oth<»r
new provisions with respeit
to the administration of tft*
Teacher Retirement Sys-
tem."
"AGAINST the Constitu-
tional Amendment amending
Article III of the Constitu-
tion of the State of Texas
by ndding Section 48b relat-
ing to the Teacher Retire-
ment Fund and the Teacher
Retirement System of Tcxnsv
revising provisions for in-
vestment of moneys an»4
other assets of the Fiinrf
and changing other existing
provisions and making other
new provisions with respect
to the administration of tie
Teacher Retirement Sys-
tem."
Sec. 3. The Governor of
Texas shall issue the neces-
sary Proclamation for thn
election and thia Amendment
shall be published in the man-
ner nnd for the length of time
required by the Con*titutioB
)f f
and laws of this state.
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The Albany News (Albany, Tex.), Vol. 81, No. 51, Ed. 1 Thursday, August 19, 1965, newspaper, August 19, 1965; Albany, Tex.. (https://texashistory.unt.edu/ark:/67531/metapth429121/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting The Old Jail Art Center.