The PSF was created in 1854, through a $2,000,000 appropriation by the Texas legislature for the benefit of the public schools of Texas. The State Constitution of 1876 stipulated that certain lands and all proceeds from the sale of these lands should also constitute the PSF. The proceeds from the sale and the mineral-related rental of these lands including, bonuses, delay rentals and royalty payments, become the corpus of the Fund, providing a permanent source of funding to support public schools. Today, the value of the fund is approximately $5.5 billion.
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