83R9130 KKA-F
By: Alonzo H.B. No. 2967
A BILL TO BE ENTITLED
AN ACT
relating to contracting with emerging fund managers by the State
Board of Education for investment of the permanent school fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 43.005, Education Code, is amended by
adding Subsection (a-1) to read as follows:
(a-1) In awarding contracts to private professional
investment managers under Subsection (a) or otherwise acquiring
private financial services, the State Board of Education shall make
a good faith effort to award contracts to or acquire services from
qualified emerging fund managers. For purposes of this subsection:
(1) "Emerging fund manager" means a private
professional investment manager that manages assets of not more
than $2 billion.
(2) "Private financial services" includes
consulting, investment advising, brokerage services, hedge fund
management, private equity fund management, and real estate
investment.
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.