LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION April 3, 2013 TO: Honorable John Davis, Chair, House Committee on Economic & Small Business Development FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2340 by Parker (Relating to the establishment of the Texas First Investment Fund.), As Introduced No significant fiscal implication to the State is anticipated. This bill would create the Texas First Investment Fund as a trust fund outside the state treasury to invest in energy, transportation, water, and other infrastructure, including toll roads, generating revenue in Texas. The Fund would consist of public and private investment capital invested in exchange for securities issued by the Fund. The Permanent University Fund, the Permanent School Fund, Teacher Retirement System of Texas, Employee Retirement of Texas, and any other pension system created in the United States would be permitted to invest in the Fund. A five member board, appointed by the governor, would control, oversee, and manage the investment of the Fund. The board would be authorized to contract with a nonprofit corporation for the management of the investments. Based on responses from the large Texas endowment and pension funds there would be no significant implication to the state. The bill would take effect September 1, 2013. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board, 701 Central Education Agency, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration LBB Staff: UP, SD, KK, TL
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
April 3, 2013
TO: Honorable John Davis, Chair, House Committee on Economic & Small Business Development FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2340 by Parker (Relating to the establishment of the Texas First Investment Fund.), As Introduced
TO: Honorable John Davis, Chair, House Committee on Economic & Small Business Development
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2340 by Parker (Relating to the establishment of the Texas First Investment Fund.), As Introduced
Honorable John Davis, Chair, House Committee on Economic & Small Business Development
Honorable John Davis, Chair, House Committee on Economic & Small Business Development
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2340 by Parker (Relating to the establishment of the Texas First Investment Fund.), As Introduced
HB2340 by Parker (Relating to the establishment of the Texas First Investment Fund.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
This bill would create the Texas First Investment Fund as a trust fund outside the state treasury to invest in energy, transportation, water, and other infrastructure, including toll roads, generating revenue in Texas. The Fund would consist of public and private investment capital invested in exchange for securities issued by the Fund. The Permanent University Fund, the Permanent School Fund, Teacher Retirement System of Texas, Employee Retirement of Texas, and any other pension system created in the United States would be permitted to invest in the Fund. A five member board, appointed by the governor, would control, oversee, and manage the investment of the Fund. The board would be authorized to contract with a nonprofit corporation for the management of the investments. Based on responses from the large Texas endowment and pension funds there would be no significant implication to the state. The bill would take effect September 1, 2013.
This bill would create the Texas First Investment Fund as a trust fund outside the state treasury to invest in energy, transportation, water, and other infrastructure, including toll roads, generating revenue in Texas. The Fund would consist of public and private investment capital invested in exchange for securities issued by the Fund. The Permanent University Fund, the Permanent School Fund, Teacher Retirement System of Texas, Employee Retirement of Texas, and any other pension system created in the United States would be permitted to invest in the Fund. A five member board, appointed by the governor, would control, oversee, and manage the investment of the Fund. The board would be authorized to contract with a nonprofit corporation for the management of the investments.
Based on responses from the large Texas endowment and pension funds there would be no significant implication to the state.
The bill would take effect September 1, 2013.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board, 701 Central Education Agency, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration
304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 323 Teacher Retirement System, 327 Employees Retirement System, 338 Pension Review Board, 701 Central Education Agency, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration
LBB Staff: UP, SD, KK, TL
UP, SD, KK, TL