By: Branch, Strama, Ratliff, Anchia, Frank, H.B. No. 2770
et al.
A BILL TO BE ENTITLED
AN ACT
relating to the investment of a portion of the economic
stabilization fund balance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 404, Government Code, is
amended by adding Section 404.0241 to read as follows:
Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC
STABILIZATION FUND BALANCES. (a) The comptroller shall invest the
balance of the economic stabilization fund that exceeds an amount
equal to 30 percent of the maximum authorized balance of the fund
for the applicable state fiscal biennium as prescribed by Section
49-g(g), Article III, Texas Constitution, in accordance with the
investment standard described by Section 404.024(j). The
comptroller's investment of that excess balance is not subject to
any other limitation or other requirement provided by Section
404.024.
(b) The comptroller shall adjust the investment portfolio
of economic stabilization fund money periodically to ensure that,
as appropriated money is withdrawn or money is otherwise
transferred from the fund or as the maximum authorized balance of
the fund as prescribed by Section 49-g(g), Article III, Texas
Constitution, changes, only the balance of the fund that exceeds
the amount specified by Subsection (a) is invested in a manner that
does not comply with all limitations and other requirements of
Section 404.024.
SECTION 2.
(a) The comptroller of public accounts shall
conduct a study of the potential costs and benefits of investing, as
provided by Section 404.0241, Government Code, as added by this
Act, or of investing under an alternative method as the comptroller
may propose, a portion of the economic stabilization fund in
precious metals stored in this state. The comptroller shall report
the findings and conclusions of the study to the legislature not
later than August 31, 2014.
(b) In conducting the study under Subsection (a) of this
section, the comptroller shall include the comptroller's analysis
of the costs and benefits of the following scenarios for managing
the storage of precious metals in which economic stabilization fund
money is invested:
(1) establishing and operating a state depository for
precious metals;
(2) establishing and operating a state depository for
precious metals with private depository agents regulated by this
state;
(3) establishing and operating several state
depositories for precious metals;
(4) establishing and operating several state
depositories for precious metals with private depository agents
regulated by this state; and
(5) using an established network of private depository
agents with regulatory oversight conducted by this state.
SECTION 3. 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.