83R12201 JJT-F
By: Guillen H.B. No. 3651
A BILL TO BE ENTITLED
AN ACT
relating to the management and use of the Texas preservation trust
fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 442.015, Government Code, is amended by
amending Subsections (a), (b), and (f) and adding Subsections (h),
(i), (j), (k), and (l) to read as follows:
(a) Notwithstanding Section 403.095, the Texas preservation
trust fund account is a separate account in the general revenue
fund. The account consists of transfers made to the account, loan
repayments, grants and donations made for the purposes of this
program, proceeds of sales, earnings [income earned] on [money in]
the account, and any other money received under this
section. Distributions from [Money in] the account may be used
only for the purposes of this section and may not be used to pay
operating expenses of the commission. Money allocated to the
commission's historic preservation grant program shall be
deposited to the credit of the account. Earnings [Income earned]
on [money in] the account shall be deposited to the credit of the
account.
(b) The commission may use distributions from [money in] the
Texas preservation trust fund account to provide financial
assistance to public or private entities for the acquisition,
survey, restoration, or preservation, or for planning and
educational activities leading to the preservation, of historic
property in the state that is listed in the National Register of
Historic Places or designated as a State Archeological Landmark or
Recorded Texas Historic Landmark, or that the commission determines
is eligible for such listing or designation. The financial
assistance may be in the amount and form and according to the terms
that the commission by rule determines. The commission shall give
priority to property the commission determines to be endangered by
demolition, neglect, underuse, looting, vandalism, or other threat
to the property. Gifts and grants deposited to the credit of the
account specifically for any eligible projects may be used only for
the type of projects specified. If such a specification is not
made, the gift or grant shall be unencumbered and accrue to the
benefit of the Texas preservation trust fund account. If such a
specification is made, the entire amount of the gift or grant may be
used during any period for the project or type of project specified.
(f) The advisory board shall recommend to the commission
rules for administering Subsections (a)-(e) [this section].
(h) The comptroller shall manage the assets of the account.
In managing the assets of the account, the comptroller may acquire,
exchange, sell, supervise, manage, or retain, through procedures
and subject to restrictions the comptroller considers appropriate,
any kind of investment that a prudent investor, exercising
reasonable care, skill, and caution, would acquire or retain in
light of the purposes, terms, distribution requirements, and other
circumstances of the account then prevailing, taking into
consideration the investment of all the assets of the account
rather than a single investment.
(i) The amount of a distribution shall be determined by the
comptroller in a manner intended to provide a stable and
predictable stream of annual distributions and to maintain over
time the purchasing power of account investments and annual
distributions from the account. If the purchasing power of account
investments for any 10-year period is not preserved, the
comptroller may not increase annual distributions from the account
until the purchasing power of account investments is restored.
(j) An annual distribution made by the comptroller from the
account during a fiscal year may not exceed an amount equal to seven
percent of the average net fair market value of the investment
assets of the account as determined by the comptroller.
(k) The expenses of managing account investments shall be
paid from the account.
(l) On request, the comptroller shall fully disclose all
details concerning the investments of the account.
SECTION 2. This Act takes effect September 1, 2013.