This bill updates the effective date of the arbitrage rules for the Permanent University Fund of the state of Texas.
To conform Federal tax law with the Texas Constitution to allow for the 
  continued benefit to the fullest extent possible from the financial 
    leverage of the Permanent University Fund to the State of Texas.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CHANGE OF DATE RELATING TO AMOUNT BENEFITTING FROM SPECIAL 
              ARBITRAGE RULE.

    (a) In General.--Paragraph (4) of section 648 of the Deficit 
Reduction Act of 1984 (98 Stat. 941) is amended by striking ``October 
9, 1969'' and inserting ``March 1, 1985''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of enactment of this Act.
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To conform Federal tax law with the Texas Constitution to allow for the continued benefit to the fullest extent possible from the financial leverage of the Permanent University Fund to the State of Texas.
To conform Federal tax law with the Texas Constitution to allow for the continued benefit to the fullest extent possible from the financial leverage of the Permanent University Fund to the State of Texas.
Official Titles - House of Representatives
Official Title as Introduced
To conform Federal tax law with the Texas Constitution to allow for the continued benefit to the fullest extent possible from the financial leverage of the Permanent University Fund to the State of Texas.
Rep. Doggett, Lloyd