85R5192 KLA-D
By: Capriglione H.B. No. 855
A BILL TO BE ENTITLED
AN ACT
relating to the investment of a portion of the economic
stabilization fund balance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 404.0241(a) and (b), Government Code,
are amended to read as follows:
(a) The comptroller shall invest the balance [a percentage]
of the economic stabilization fund [balance in a state fiscal
biennium] that exceeds an [the] amount equal to 30 percent of the
maximum authorized [of the sufficient] balance of the fund for the
applicable state fiscal biennium as prescribed by Section 49-g(g),
Article III, Texas Constitution, [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,
as appropriated money is withdrawn or money is otherwise
transferred from the fund or as the maximum authorized balance of
the fund as prescribed by Section 49-g(g), Article III, Texas
Constitution, changes, only the balance of the fund that exceeds
the amount specified by Subsection (a) is invested in a manner that
does not comply with all limitations and other requirements of
Section 404.024 [is sufficient to meet the cash flow requirements
of the fund].
SECTION 2. Sections 404.0241(c) and (d), Government Code,
are repealed.
SECTION 3. The comptroller of public accounts shall adjust
the investment portfolio of economic stabilization fund money as
soon as possible after the effective date of this Act to ensure that
the investment of that money complies with Section 404.0241,
Government Code, as amended by this Act.
SECTION 4. This Act takes effect September 1, 2017.