88R9447 KBB-D
By: Paul H.B. No. 2416
A BILL TO BE ENTITLED
AN ACT
relating to creation of the gulf coast protection trust fund to be
administered by the General Land Office.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 31, Natural Resources
Code, is amended by adding Section 31.070 to read as follows:
Sec. 31.070. GULF COAST PROTECTION TRUST FUND. (a) The
gulf coast protection trust fund is created as a trust fund outside
the treasury with the comptroller and shall be administered by the
land office under this section and rules adopted by the land office.
(b) The gulf coast protection trust fund consists of money
from:
(1) gifts, grants, or donations to the land office for
the protection of the gulf coast; or
(2) any other source designated by the legislature.
(c) Money in the gulf coast protection trust fund may be
used only to pay expenditures for the development of infrastructure
necessary or useful for protecting the gulf coast within the
territory of the Gulf Coast Protection District established under
Chapter 9502, Special District Local Laws Code.
(d) The land office may invest, reinvest, and direct the
investment of any available money in the gulf coast protection
trust fund. Money in the fund may be invested in the manner that
state funds may be invested under Section 404.024, Government Code.
SECTION 2. This Act takes effect September 1, 2023.