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To amend Section 16.74, Texas Education Code, prescribing a formula for annual calculation of a county economic index based, in part, on true market value of assessed "real property" in each school district, as defined and determined herein; to amend Sections 16.72 and 16.75, Texas Education Code, providing for a deletion from amount chargeable to school districts and to total county assignments and providing procedure for a gradual phasing-in of the new index local fund assignments; to amend Section 16.76, subsection (a) and Section 16.77, Texas Education Code, prescribing implementation and procedure provisions for the computation of local fund assignment of school districts and notification thereof, thereby to ring into relation the new economic index; also vesting responsibility in the state comptroller or public accounts with regard to validation of certificates of assessments and percentages of assessments upon referral by the central education agency, and to assist in preparation of informational forms necessary to discharge such duties; to amend subsection (e) of Section 16.76, Texas Education Code, substituting therein a prescribed formula for authorization of a local fund assignment limitation, when applicable, providing an effective date of this Act; providing for a saving clause and declaring an emergency.