SJR 2(6) (Herbert/Glover): Proposes a constitutional amendment that would change the way income derived from school lands is handled. Under the current constitutional provision, the income on school lands must be distributed to the schools each year. The amendment would require that income be credited to the trust funds principals and would allow the Commissioners of the Land Office to distribute between 4¾% and 5½% of the average year-end market value of the funds for the last three years to the public schools. The proposed amendment does not set guidelines on the distributions from lands to benefit colleges and universities.
SB 36(1) (Herbert/Glover): Changes schedule and percentage of annual distributions from the trust funds held by the Commissioners of the Land Office contingent upon passage of the constitutional amendment proposed in SJR 2. Effective 7-1-99
SB 37(1) (Herbert, Glover): Removes certain restrictions on investments of trust funds held by the Commissioners of the Land Office. Restricts investment of trust funds in equity securities to 45% increasing to 50% over the next two years. Requires Commissioners to reserve and retain 100% of minerals under all school lands except for lands sold as homesites or nonproducing foreclosed lands, unless sale of minerals is approved by the Legislature. Effective 7-1-99
SB 60(1) (Herbert/Glover): Changes the statutes to be consistent with the proposed constitutional amendment in SJR 2 by allowing the Commissioners of the Land Office to apportion the distribution, rather than the income, from the school lands funds. The statutory changes are contingent upon passage of the proposed constitutional amendment in SJR 2.
|(1) Passed, signed by Governor||(2) Passed, pending Governor's approval/disapproval||(3) Vetoed by Governor|
|(4) Pending in Legislature||(5) Failed in Legislature||(6) Enrolled with the Sec. of State|