Texas Education Code 62.148 – Distribution of Appropriated Funds to Eligible Institutions
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(a) In each state fiscal year, the comptroller shall distribute to eligible institutions in accordance with this subchapter money appropriated from the fund for that fiscal year.
(b) The total amount appropriated from the fund for any state fiscal year may not exceed an amount equal to 7.0 percent of the average net market value of the investment assets of the fund, as determined by the comptroller, for a period set by comptroller policy.
Terms Used In Texas Education Code 62.148
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The amount appropriated from the fund for distribution in a state fiscal year must be allocated as follows:
(1) 75 percent to the permanent endowment for education and research base funding under § 62.1481; and
(2) 25 percent to the research performance funding under § 62.1482.
(d) Repealed by Acts 2023, 88th Leg., R.S., Ch. 1004 (H.B. 1595), Sec. 20(5), eff. January 1, 2024.
(e) Repealed by Acts 2023, 88th Leg., R.S., Ch. 1004 (H.B. 1595), Sec. 20(5), eff. January 1, 2024.
(f) Repealed by Acts 2023, 88th Leg., R.S., Ch. 1004 (H.B. 1595), Sec. 20(5), eff. January 1, 2024.