Court Opinions
State Laws
|
Texas Education Code - Section 62.022. Allocation Formula
Legal Research Home >
Texas Lawyer > Education Code > Texas Education Code - Section 62.022. Allocation Formula
§ 62.022. ALLOCATION FORMULA. (a) Prior to the convening
of the regular session of the Texas Legislature immediately
preceding each 10-year period for which Section 17(d), Article VII,
Texas Constitution, prescribes an allocation of the money
appropriated by Section 17(a), Article VII, Texas Constitution, the
coordinating board shall conduct, with the full participation of
the eligible institutions, a study and present recommendations to
the Legislative Budget Board and the standing committees of the
house of representatives and the senate having jurisdiction over
legislation related to higher education as to the allocation of the
money appropriated by Section 17(a) for the following 10-year
allocation period established by Section 17(d).
(b) Prior to the convening of the regular session of the
Texas Legislature immediately preceding the sixth year of each
10-year allocation period established by Section 17(d), Article
VII, Texas Constitution, the coordinating board shall conduct, with
the full participation of the eligible institutions, a study and
present recommendations to the Legislative Budget Board and the
standing committees of the house of representatives and the senate
having cognizance over legislation related to higher education as
to whether and, if so, how, the equitable allocation formula
established for that 10-year period should be adjusted for the last
five years of the 10-year period. The coordinating board shall
include in the study a survey of educational and general building
quality, if the legislature provides funds for the survey.
(c) The legislature shall approve, modify and approve, or
reject the recommendations of the coordinating board under
Subsection (a) or (b).
(d) If, prior to the first day of the sixth year of a 10-year
allocation period established by Section 17(d), Article VII, Texas
Constitution, the Texas Legislature fails to act on a
recommendation for adjustment in the equitable allocation formula,
the 10-year allocation provided for in Section 62.021(a) shall
continue until the end of the 10-year period.
(e) No adjustment shall be made in the allocation formula
that will prevent payment of both the principal and interest on
outstanding bonds and notes sold pursuant to Section 17(e), Article
VII, Texas Constitution.
(f) A review of the allocation formula conducted by the
coordinating board under this section shall include:
(1) a comparison of the deferred maintenance needs of
an institution of higher education and the extent to which the
constitutionally dedicated funds were used to meet those needs;
and
(2) an evaluation of the effectiveness of the
allocation formula concerning deferred maintenance needs of those
institutions.
Added by Acts 1985, 69th Leg., ch. 225, § 1, eff. June 3, 1985.
Amended by Acts 1989, 71st Leg., ch. 1084, § 1.33, eff. Sept. 1,
1989; Acts 1995, 74th Leg., ch. 1045, § 3, eff. June 17, 1995;
Acts 1999, 76th Leg., ch. 1467, § 1.05, eff. June 19, 1999.
Section: 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 62.027 62.091 62.092
Last modified: August 10, 2007
|
|
