| 1 | | - | By: Capriglione, et al. H.B. No. 903 |
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| 2 | | - | (Senate Sponsor - Taylor of Collin) |
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| 3 | | - | (In the Senate - Received from the House April 14, 2015; |
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| 4 | | - | April 21, 2015, read first time and referred to Committee on |
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| 5 | | - | Finance; May 6, 2015, reported favorably by the following vote: |
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| 6 | | - | Yeas 13, Nays 0; May 6, 2015, sent to printer.) |
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| 7 | | - | Click here to see the committee vote |
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| 1 | + | H.B. No. 903 |
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| 28 | 4 | | AN ACT |
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| 29 | 5 | | relating to the investment of a percentage of the economic |
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| 30 | 6 | | stabilization fund balance in excess of the sufficient balance. |
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| 31 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 32 | 8 | | SECTION 1. Subchapter C, Chapter 404, Government Code, is |
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| 33 | 9 | | amended by adding Section 404.0241 to read as follows: |
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| 34 | 10 | | Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC |
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| 35 | 11 | | STABILIZATION FUND BALANCES. (a) The comptroller shall invest a |
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| 36 | 12 | | percentage of the economic stabilization fund balance in a state |
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| 37 | 13 | | fiscal biennium that exceeds the amount of the sufficient balance |
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| 38 | 14 | | of the fund adopted under Section 316.092 for that biennium in |
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| 39 | 15 | | accordance with the investment standard described by Section |
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| 40 | 16 | | 404.024(j). The comptroller's investment of that percentage of the |
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| 41 | 17 | | excess balance is not subject to any other limitation or other |
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| 42 | 18 | | requirement provided by Section 404.024. |
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| 43 | 19 | | (b) The comptroller shall adjust the investment portfolio |
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| 44 | 20 | | of economic stabilization fund money periodically to ensure that |
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| 45 | 21 | | the balance of the fund is sufficient to meet the cash flow |
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| 46 | 22 | | requirements of the fund. |
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| 47 | 23 | | (c) The comptroller shall include the fair market value of |
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| 48 | 24 | | the investment portfolio of the economic stabilization fund in |
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| 49 | 25 | | calculating the amount in the fund for purposes of Section 49-g(g), |
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| 50 | 26 | | Article III, Texas Constitution, and Section 316.093 of this code. |
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| 51 | 27 | | (d) This section expires on the date Section 316.092 |
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| 52 | 28 | | expires. |
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| 53 | 29 | | SECTION 2. This Act takes effect immediately if it receives |
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| 54 | 30 | | a vote of two-thirds of all the members elected to each house, as |
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| 55 | 31 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 56 | 32 | | Act does not receive the vote necessary for immediate effect, this |
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| 57 | 33 | | Act takes effect September 1, 2015. |
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| 58 | | - | * * * * * |
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| 34 | + | ______________________________ ______________________________ |
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| 35 | + | President of the Senate Speaker of the House |
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| 36 | + | I certify that H.B. No. 903 was passed by the House on April |
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| 37 | + | 14, 2015, by the following vote: Yeas 141, Nays 2, 2 present, not |
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| 38 | + | voting. |
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| 39 | + | ______________________________ |
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| 40 | + | Chief Clerk of the House |
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| 41 | + | I certify that H.B. No. 903 was passed by the Senate on May |
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| 42 | + | 12, 2015, by the following vote: Yeas 29, Nays 1. |
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| 43 | + | ______________________________ |
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| 44 | + | Secretary of the Senate |
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| 45 | + | APPROVED: _____________________ |
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| 46 | + | Date |
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| 47 | + | _____________________ |
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| 48 | + | Governor |
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