By: Huffman, et al. S.J.R. No. 5
 
 
  SENATE 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."