85R10346 KLA-D
By: Guillen H.B. No. 3064
A BILL TO BE ENTITLED
AN ACT
relating to the dedication and maximization of returns on payments
received by this state for economic losses sustained from the
Deepwater Horizon oil spill.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 403, Government Code, is
amended by adding Section 403.108 to read as follows:
Sec. 403.108. TEXAS GULF RECOVERY FUND. (a) In this
section:
(1) "Deepwater Horizon incident" means the oil spill
occurring from the MC252 well beginning in April 2010 in the Gulf of
Mexico.
(2) "Fund" means the Texas Gulf recovery fund.
(3) "Trust company" means the Texas Treasury
Safekeeping Trust Company.
(b) The Texas Gulf recovery fund is a special fund in the
state treasury outside the general revenue fund. The fund is
composed of:
(1) all money received by this state for general
economic losses that is paid in accordance with:
(A) the Gulf States Economic Claims Settlement
Agreement arising in part out of this state's case styled Texas v.
BP Exploration & Production Inc., et al., No. 13-cv-4677, filed
June 18, 2013, in the United States District Court, Eastern
District of Louisiana, and consolidated in the multidistrict
litigation known as MDL 2179 in that court; or
(B) the Master Settlement Agreement entered into
by Transocean Offshore Deepwater Drilling Inc., Transocean
Deepwater Inc., Transocean Holdings LLC, and Triton Asset Leasing
GmbH, this state, and other Gulf states arising out of litigation
from the Deepwater Horizon incident consolidated in the
multidistrict litigation known as MDL 2179 in the United States
District Court, Eastern District of Louisiana; and
(2) interest received from the investment of fund
assets.
(c) On receipt, the comptroller shall deposit money
described by Subsection (b)(1) to the credit of the fund.
(d) Except as otherwise provided by this section, the
comptroller shall administer the fund and may establish separate
accounts in the fund as necessary.
(e) The trust company shall hold and invest the assets of
the fund and any accounts established in the fund on behalf of the
comptroller, taking into account the purposes for which the fund is
established. In managing the fund assets, through procedures and
subject to restrictions the trust company considers appropriate,
the trust company may acquire, exchange, sell, supervise, manage,
or retain any kind of investment that a prudent investor,
exercising reasonable care, skill, and caution, would acquire or
retain in light of the purposes, terms, and other circumstances of
the fund then prevailing, taking into consideration the investment
of all the fund assets rather than a single investment. The trust
company may invest the fund assets with the state treasury pool.
(f) Expenses of managing the fund assets shall be paid from
the fund, notwithstanding Subsections (g) and (h).
(g) Until September 1, 2033, the sole purpose of the fund is
to maximize the return on investment of the fund assets. Money in
the fund may not be appropriated for any purpose for a period
beginning before September 1, 2033. This subsection expires
September 1, 2033.
(h) Money in the fund may be appropriated only:
(1) for a period beginning on or after September 1,
2033; and
(2) for ecological, environmental, or economic
projects benefiting areas of this state bordering the Gulf of
Mexico that sustained environmental or ecological damage or other
economic losses as a result of the Deepwater Horizon incident.
(i) The fund is exempt from the application of Section
403.095.
SECTION 2. Section 404.071(a), Government Code, is amended
to read as follows:
(a) Interest received from investments of money in funds and
accounts in the charge of the comptroller shall be allocated on a
monthly basis as follows:
(1) the pro rata portion of the interest received due
to each constitutional fund shall be credited to that fund;
(2) the pro rata portion of the interest received due
to the game, fish, and water safety fund shall be credited to that
fund;
(2-a) the pro rata portion of the interest received from
the investment of the Texas Gulf recovery fund shall be credited to
that fund; and
(3) the remainder of the interest received shall be
credited to the general revenue fund.
SECTION 3. On the effective date of this Act, the
comptroller of public accounts shall transfer from the general
revenue fund to the Texas Gulf recovery fund established under
Section 403.108, Government Code, as added by this Act, an amount of
money equal to the amounts of money described by Section
403.108(b)(1), Government Code, as added by this Act, that were
received by this state before the effective date of this Act.
SECTION 4. 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, 2017.