Article VII, § 4 — SALE OF PERMANENT SCHOOL FUND LANDS; INVESTMENT OF PROCEEDS

The lands herein set apart to the Permanent School fund, shall be sold under such regulations, at such times, and on such terms as may be prescribed by law; and the Legislature shall not have power to grant any relief to purchasers thereof. The proceeds of such sales must be used to acquire other land for the Permanent School fund as provided by law or the proceeds shall be invested by the comptroller of public accounts, as may be directed by the Board of Education herein provided for, in the bonds of the United States, the State of Texas, or counties in said State, or in such other securities, and under such restrictions as may be prescribed by law; and the State shall be responsible for all investments. (Feb. 15, 1876. Amended Aug. 14, 1883, Nov. 5, 1985, Nov. 7, 1995, and Nov. 8, 2011.) Sec. 4A. (Repealed Nov. 6, 2001.) (Temporary transition provision for Sec. 4A: see Appendix, Note 3.) Sec. 4B. DONATION OF REAL PROPERTY BY INDEPENDENT SCHOOL DISTRICT FOR HISTORICAL PRESERVATION. (a) The legislature by general law may authorize the board of trustees of an independent school district to donate district real property and improvements formerly used as a school campus for the purpose of preserving the improvements. (b) A law enacted under this section must provide that before the board of trustees may make the donation, the board must determine that: (1) the improvements have historical significance; (2) the transfer will further the preservation of the improvements; and (3) at the time of the transfer, the district does not need the real property or improvements for educational purposes.