Texas Education Code - Section 62.002. Purpose

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§ 62.002. PURPOSE. Through equitable allocation of the annual appropriation mandated by Article VII, Section 17(a), of the Constitution of Texas, the purpose of this chapter is to provide to the governing boards of the institutions and agencies of higher education eligible to participate in the distribution of funds pursuant to Article VII, Section 17, of the Constitution of Texas, the means to create and maintain a degree of excellence at the respective institutions and agencies of higher education that is above and apart from the normal appropriative formulas established by the Coordinating Board, Texas College and University System. Added by Acts 1985, 69th Leg., ch. 225, § 1, eff. June 3, 1985.

Section: Previous 61.9727 61.9728 61.9729 61.9730 61.9731 61.9732 62.001 62.002 62.003 62.021 62.022 62.023 62.024 62.025. DEPOSIT OF $50 MILLION. (a) Not later than November 1 of each state fiscal year, the comptroller shall deposit the first $50 million that comes to the state at the beginning of each state fiscal year and that is not dedicated by other law as follows: (1) except as provided by Subsection (e), an amount equal to the portion of the total return on all investment assets of the higher education fund in the preceding state fiscal year computed by multiplying that total return by the percentage of the total return on all investment assets of the permanent fund for tobacco education and enforcement that constitutes available earnings as determined by the comptroller under Section 403.1068, Government Code, in that year must be deposited to the credit of the research development fund established under Subchapter E; and (2) the remaining amount must be deposited to the credit of the higher education fund. (b) The comptroller may adopt rules to administer this section. (c) The deposit required by this section to the higher education fund expires on September 1 after the date the comptroller certifies that the value of the higher education fund is $2 billion. In each state fiscal year that begins on or after that date, the comptroller shall deposit to the credit of the research development fund established under Subchapter E from the first money that comes to the state at the beginning of that fiscal year an amount, not to exceed $50 million, equal to the portion of the total return on all investment assets of the higher education fund in the preceding state fiscal year computed by multiplying that total return by the percentage of the total return on all investment assets of the permanent fund for tobacco education and enforcement that constitutes available earnings as determined by the comptroller under Section 403.1068, Government Code. (d) Repealed by Acts 2003, 78th Leg., ch. 322, § 4(1). (e) An amount may not be deposited to the research development fund under this section if Subchapter E expires or is repealed or if the research development fund is abolished. (f) Expired. Added by Acts 1993, 73rd Leg., ch. 537, § 1, eff. Sept 62.026 Next

Last modified: August 11, 2007

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Texas Education Code - Section 62.002. Purpose