| 1 | 1 | | 83R23036 KLA-D |
|---|
| 2 | 2 | | By: Branch, Strama, Ratliff H.B. No. 2770 |
|---|
| 3 | 3 | | Substitute the following for H.B. No. 2770: |
|---|
| 4 | 4 | | By: Ratliff C.S.H.B. No. 2770 |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | |
|---|
| 7 | 7 | | A BILL TO BE ENTITLED |
|---|
| 8 | 8 | | AN ACT |
|---|
| 9 | 9 | | relating to the investment of a certain portion of the economic |
|---|
| 10 | 10 | | stabilization fund balance. |
|---|
| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 12 | 12 | | SECTION 1. Subchapter C, Chapter 404, Government Code, is |
|---|
| 13 | 13 | | amended by adding Section 404.0241 to read as follows: |
|---|
| 14 | 14 | | Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC |
|---|
| 15 | 15 | | STABILIZATION FUND BALANCES. (a) The comptroller shall invest the |
|---|
| 16 | 16 | | balance of the economic stabilization fund that exceeds an amount |
|---|
| 17 | 17 | | equal to 20 percent of the maximum authorized balance of the fund |
|---|
| 18 | 18 | | for the applicable state fiscal biennium as prescribed by Section |
|---|
| 19 | 19 | | 49-g(g), Article III, Texas Constitution, in accordance with the |
|---|
| 20 | 20 | | investment standard described by Section 404.024(j). The |
|---|
| 21 | 21 | | comptroller's investment of that excess balance is not subject to |
|---|
| 22 | 22 | | any other limitation or other requirement provided by Section |
|---|
| 23 | 23 | | 404.024. |
|---|
| 24 | 24 | | (b) The comptroller shall adjust the investment portfolio |
|---|
| 25 | 25 | | of economic stabilization fund money periodically to ensure that, |
|---|
| 26 | 26 | | as appropriated money is withdrawn or money is otherwise |
|---|
| 27 | 27 | | transferred from the fund or as the maximum authorized balance of |
|---|
| 28 | 28 | | the fund as prescribed by Section 49-g(g), Article III, Texas |
|---|
| 29 | 29 | | Constitution, changes, only the balance of the fund that exceeds |
|---|
| 30 | 30 | | the amount specified by Subsection (a) is invested in a manner that |
|---|
| 31 | 31 | | does not comply with all limitations and other requirements of |
|---|
| 32 | 32 | | Section 404.024. |
|---|
| 33 | 33 | | SECTION 2. This Act takes effect immediately if it receives |
|---|
| 34 | 34 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 35 | 35 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 36 | 36 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 37 | 37 | | Act takes effect September 1, 2013. |
|---|