Texas 2017 - 85th Regular

Texas House Bill HB3529 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Capriglione, Alonzo, Springer, et al. H.B. No. 3529
	1	+	85R13720 KLA-D
	2	+	By: Capriglione, Alonzo H.B. No. 3529
2	3
3	4
4	5		A BILL TO BE ENTITLED
5	6		AN ACT
6	7		relating to the comptroller's investment of certain money held
7	8		outside the state treasury.
8	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	10		SECTION 1. Subchapter C, Chapter 404, Government Code, is
10	11		amended by adding Section 404.0242 to read as follows:
11	12		Sec. 404.0242. INVESTMENT OF CERTAIN MONEY HELD OUTSIDE
12		-	STATE TREASURY. (a) Notwithstanding any other law, the
13		-	comptroller may invest state money held outside the state treasury
14		-	and administered by the comptroller in a manner that complies only
15		-	with the investment standard described by Section 404.024(j) and
16		-	does not comply with the other limitations and requirements
17		-	provided by Section 404.024.
	13	+	STATE TREASURY. (a) Notwithstanding any other law:
	14	+	(1) the comptroller shall invest state money held
	15	+	outside the state treasury and administered by the comptroller in
	16	+	accordance with the investment standard described by Section
	17	+	404.024(j); and
	18	+	(2) the comptroller's investment of that money is not
	19	+	subject to any other limitation or other requirement provided by
	20	+	Section 404.024.
18	21		(b) The comptroller shall adjust the investment portfolio
19	22		of an account or fund from which the comptroller invests money as
20	23		provided by Subsection (a) periodically to ensure that the account
21	24		or fund has sufficient liquidity to meet the cash flow requirements
22	25		of the account or fund.
23	26		(c) This section does not apply to money held outside the
24	27		state treasury in trust by the comptroller as trustee for the
25	28		benefit of specified persons, including money deposited in a trust
26	29		account or fund established under a settlement agreement this state
27	30		enters into as a result of litigation.
28	31		SECTION 2. This Act takes effect immediately if it receives
29	32		a vote of two-thirds of all the members elected to each house, as
30	33		provided by Section 39, Article III, Texas Constitution. If this
31	34		Act does not receive the vote necessary for immediate effect, this
32	35		Act takes effect September 1, 2017.