LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 11, 2011 TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1555 by Rodriguez (Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend Section 66.08, Education Code, requiring the non-profit corporation responsible for investment of the permanent university fund and other funds under the management and control of the Board of Regents of The University of Texas System to make a good faith effort to award contracts or engage the services of qualified emerging fund managers. Emerging fund manager is defined in the bill as a "professional investment manager that manages assets of not more than $5 billion". The bill would be effective September 1, 2011. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:720 The University of Texas System Administration LBB Staff: JOB, KK, RT
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 11, 2011
TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1555 by Rodriguez (Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.), As Introduced
TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SB1555 by Rodriguez (Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.), As Introduced
Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SB1555 by Rodriguez (Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.), As Introduced
SB1555 by Rodriguez (Relating to the investment of the permanent university fund and other funds under the management and control of the board of regents of The University of Texas System.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Section 66.08, Education Code, requiring the non-profit corporation responsible for investment of the permanent university fund and other funds under the management and control of the Board of Regents of The University of Texas System to make a good faith effort to award contracts or engage the services of qualified emerging fund managers. Emerging fund manager is defined in the bill as a "professional investment manager that manages assets of not more than $5 billion". The bill would be effective September 1, 2011.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 720 The University of Texas System Administration
720 The University of Texas System Administration
LBB Staff: JOB, KK, RT
JOB, KK, RT