The money will be released in two $150 million installments, one in February and the other on June. The funds had been caught in a standoff between the Legislature and the School Land Board, which operates out of the General Land Office and oversees the state’s public school land.
A constitutional amendment proposed in 2011 by state Rep. Rob Orr, R-Burleson, allowed the board to put a portion of earnings from investments on real estate assets into the Available School Fund, which along with property and sales taxes helps pay for public education.
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"It’s the age-old question of whether you save the money to send your kids to college or borrowing when they do,” he said at a House appropriations meeting in December.
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