By: Capriglione, et al. H.B. No. 903
(Senate Sponsor - Taylor of Collin)
(In the Senate - Received from the House April 14, 2015;
April 21, 2015, read first time and referred to Committee on
Finance; May 6, 2015, reported favorably by the following vote:
Yeas 13, Nays 0; May 6, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE VOTE
YeaNayAbsentPNV
NelsonX
HinojosaX
BettencourtX
EltifeX
HancockX
HuffmanX
KolkhorstX
NicholsX
SchwertnerX
SeligerX
Taylorof GalvestonX
UrestiX
WatsonX
WestX
WhitmireX
A BILL TO BE ENTITLED
AN ACT
relating to the investment of a percentage of the economic
stabilization fund balance in excess of the sufficient 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 a
percentage of the economic stabilization fund balance in a state
fiscal biennium that exceeds the amount of the sufficient balance
of the fund adopted under Section 316.092 for that biennium in
accordance with the investment standard described by Section
404.024(j). The comptroller's investment of that percentage of the
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
the balance of the fund is sufficient to meet the cash flow
requirements of the fund.
(c) The comptroller shall include the fair market value of
the investment portfolio of the economic stabilization fund in
calculating the amount in the fund for purposes of Section 49-g(g),
Article III, Texas Constitution, and Section 316.093 of this code.
(d) This section expires on the date Section 316.092
expires.
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, 2015.
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