83R10446 CJC-D
By: Eiland H.B. No. 2716
A BILL TO BE ENTITLED
AN ACT
relating to the investment authority of certain independent school
districts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2256.004(a), Government Code, is amended
to read as follows:
(a) This subchapter does not apply to:
(1) a public retirement system as defined by Section
802.001;
(2) state funds invested as authorized by Section
404.024;
(3) an institution of higher education having total
endowments of at least $95 million in book value on May 1, 1995;
(4) funds invested by the Veterans' Land Board as
authorized by Chapter 161, 162, or 164, Natural Resources Code;
(5) registry funds deposited with the county or
district clerk under Chapter 117, Local Government Code; [or]
(6) a deferred compensation plan that qualifies under
either Section 401(k) or 457 of the Internal Revenue Code of 1986
(26 U.S.C. Section 1 et seq.), as amended; or
(7) an independent school district with a total
district general fund balance greater than four times the average
monthly operating expenses of the district.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.