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§ 62.024. AMOUNT OF ALLOCATION INCREASED. In accordance with Section 17(a), Article VII, Texas Constitution, for each state fiscal year beginning with the state fiscal year ending August 31, 2008, the amount of the annual constitutional appropriation under that subsection is increased to $262.5 million. Before the state fiscal year ending August 31, 2008, the amount of the annual constitutional appropriation under that subsection is $175 million. Added by Acts 1993, 73rd Leg., ch. 537, § 1, eff. Sept. 1, 1995. Amended by Acts 2005, 79th Leg., ch. 1306, § 2, eff. Sept. 1, 2005.

Section: Previous 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 62.093 62.094 Next

Last modified: August 10, 2007

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Texas Education Code - Section 62.024. Amount Of Allocation Increased