By: Capriglione, Alonzo, Springer, et al. H.B. No. 3529
A BILL TO BE ENTITLED
AN ACT
relating to the comptroller's investment of certain money held
outside the state treasury.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 404, Government Code, is
amended by adding Section 404.0242 to read as follows:
Sec. 404.0242. INVESTMENT OF CERTAIN MONEY HELD OUTSIDE
STATE TREASURY. (a) Notwithstanding any other law, the
comptroller may invest state money held outside the state treasury
and administered by the comptroller in a manner that complies only
with the investment standard described by Section 404.024(j) and
does not comply with the other limitations and requirements
provided by Section 404.024.
(b) The comptroller shall adjust the investment portfolio
of an account or fund from which the comptroller invests money as
provided by Subsection (a) periodically to ensure that the account
or fund has sufficient liquidity to meet the cash flow requirements
of the account or fund.
(c) This section does not apply to money held outside the
state treasury in trust by the comptroller as trustee for the
benefit of specified persons, including money deposited in a trust
account or fund established under a settlement agreement this state
enters into as a result of litigation.
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, 2017.