83R10025 KLA-D
By: Branch H.B. No. 2770
A BILL TO BE ENTITLED
AN ACT
relating to the investment of certain money in the economic
stabilization fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 404, Government Code, is
amended by adding Section 404.029 to read as follows:
Sec. 404.029. ALTERNATIVE INVESTMENT OF ECONOMIC
STABILIZATION FUND. The comptroller may invest an amount of money
in the economic stabilization fund, not to exceed one-third of the
balance of that fund at the time of the investment, in assets other
than bonds, securities, and other assets that are issued or
otherwise guaranteed by the United States or agencies or
instrumentalities of the United States, to the extent that the
investment meets the standard prescribed by Section 404.024(j).
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.