| 1 | 1 | | By: Bonnen of Galveston H.B. No. 4452 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the authority of the legislature to vest the power to |
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| 7 | 7 | | invest and manage certain public funds in certain officers, boards, |
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| 8 | 8 | | and entities. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter B, Chapter 2256, Government Code, is |
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| 11 | 11 | | amended by adding a new Section 2256.056 to read as follows: |
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| 12 | 12 | | Sec. 2256.056. INVESTMENT AND MANAGEMENT OF PUBLIC FUNDS. |
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| 13 | 13 | | Notwithstanding any other provision of law, the legislature may |
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| 14 | 14 | | vest the power to invest and manage public funds, including funds |
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| 15 | 15 | | established by the constitution other than the fund established |
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| 16 | 16 | | under Article VII, Section 11, in any public officer of this state, |
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| 17 | 17 | | a board composed of public officers of this state, or an entity that |
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| 18 | 18 | | is governed by appointees of public officers of this state by |
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| 19 | 19 | | designating that officer, board, or entity in the general |
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| 20 | 20 | | appropriations act. |
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| 21 | 21 | | SECTION 2. This Act takes effect January 1, 2020, but only |
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| 22 | 22 | | if the constitutional amendment proposed by the 86th Legislature, |
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| 23 | 23 | | Regular Session, 2019, authorizing the legislature to vest the |
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| 24 | 24 | | power to invest and manage public funds in certain officers, board, |
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| 25 | 25 | | and entities is approved by the voters. If that proposed |
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| 26 | 26 | | constitutional amendment is not approved by the voters, this Act |
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| 27 | 27 | | has no effect. |
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