Texas 2023 - 88th Regular

Texas House Bill HB3050 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	By: Bonnen H.B. No. 3050
2	2	Substitute the following for H.B. No. 3050:
3	3	By: Ashby C.S.H.B. No. 3050
4	4
5	5
6	6	A BILL TO BE ENTITLED
7	7	AN ACT
8	8	relating to the creation of the Texas state buildings preservation
9	9	endowment fund, including the transfer to the fund of the
10	10	unencumbered balances of certain other funds.
11	11	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Section 443.0102(b), Government Code, is amended
13	13	to read as follows:
14	14	(b) The Capitol fund created by Section 443.0101 and the
15	15	Texas state buildings preservation endowment fund created by
16	16	Section 443.0103 are [is] not subject to Subchapter F, Chapter 404.
17	17	A provision of this chapter or other law that provides for the
18	18	deposit of money or another thing of value into the Capitol fund or
19	19	the Texas state buildings preservation endowment fund prevails over
20	20	Subchapter F, Chapter 404.
21	21	SECTION 2. Section 443.0103, Government Code, is amended to
22	22	read as follows:
23	23	Sec. 443.0103. TEXAS STATE BUILDINGS PRESERVATION
24	24	ENDOWMENT [CAPITAL RENEWAL TRUST] FUND. (a) In this section:
25	25	(1) "Fund" means the Texas state buildings
26	26	preservation endowment fund.
27	27	(2) "Trust company" means the Texas Treasury
28	28	Safekeeping Trust Company.
29	29	(b) The Texas state buildings preservation endowment
30	30	[capital renewal trust] fund is created as a [trust] fund outside
31	31	the treasury. The purpose of the fund is to maintain, preserve,
32	32	rehabilitate, and restore the state buildings and grounds over
33	33	which the board has jurisdiction [with the comptroller and shall be
34	34	administered by the board, as a trustee on behalf of the people of
35	35	this state, to maintain and preserve the Capitol, the General Land
36	36	Office Building, their contents, and their grounds].
37	37	(c) The fund consists of:
38	38	(1) money transferred or appropriated to the fund by[:
39	39	[(1) at the direction of] the legislature, including
40	40	money transferred to the fund from the former capital renewal trust
41	41	fund, Governor's Mansion renewal trust fund, and State Cemetery
42	42	preservation trust fund; [or]
43	43	(2) gifts, grants, and donations contributed to the
44	44	fund for a purpose for which money in the fund may be used under [in
45	45	accordance with] this section; and
46	46	(3) any returns received from the investment of money
47	47	in the fund.
48	48	(d) The trust company shall hold, manage, and invest the
49	49	fund, and shall determine the amount available for distribution
50	50	from the fund each year in accordance with a distribution policy
51	51	adopted by the comptroller. The distribution policy must be
52	52	designed to preserve the purchasing power of the assets of the fund,
53	53	provide a stable and predictable series of annual distributions
54	54	from the fund, and meet the liquidity needs of the fund as
55	55	necessary. The expenses of managing the fund and its assets shall
56	56	be paid from the fund. Except as otherwise provided by this
57	57	section, money [(b) Money] in the fund may not be used [only] for
58	58	any other [the] purpose.
59	59	(e) In managing the assets of the fund, through procedures
60	60	and subject to restrictions the trust company considers
61	61	appropriate, the trust company may acquire, exchange, sell,
62	62	supervise, manage, or retain any kind of investment that a prudent
63	63	investor, exercising reasonable care, skill, and caution, would
64	64	acquire or retain in light of the purposes, terms, distribution
65	65	requirements, and other circumstances of the fund then prevailing,
66	66	taking into consideration the investment of all the assets of the
67	67	fund rather than a single investment. At the request of the trust
68	68	company, the board shall provide the trust company with information
69	69	the trust company determines is necessary to ensure that the trust
70	70	company is able to achieve the objectives specified by Subsection
71	71	(d).
72	72	(f) The board annually may request a distribution from the
73	73	fund in an amount that may not exceed the amount the trust company
74	74	determines is available for distribution in the applicable year
75	75	under Subsection (d). Money distributed from the fund to the board
76	76	may be used only for the purpose of maintaining, [and] preserving,
77	77	rehabilitating, and restoring the buildings [the Capitol, the
78	78	General Land Office Building, their contents,] and [their] grounds
79	79	over which the board has jurisdiction. The board shall allocate to
80	80	projects at the Bob Bullock Texas State History Museum an amount
81	81	equal to at least one-third of each annual distribution from the
82	82	fund under this subsection, other than the portion of the
83	83	distribution made using money transferred to the fund from the
84	84	former capital renewal trust fund, Governor's Mansion renewal trust
85	85	fund, and State Cemetery preservation trust fund. The board, with
86	86	the written approval of the Legislative Budget Board, may use money
87	87	received from an annual distribution under this subsection to
88	88	acquire land in close proximity to the State Cemetery for expansion
89	89	of the cemetery. The board may not use money received from an
90	90	annual distribution under this subsection to pay salaries, employee
91	91	benefits, costs associated with employee benefits, or
92	92	administration, operating, or program costs of the board or the
93	93	buildings and grounds over which the board has jurisdiction.
94	94	(g) Subject to Subsection (h) and not more frequently than
95	95	once each calendar year, the board may request an additional
96	96	distribution from the fund in an amount that exceeds the amount the
97	97	trust company determines is available for distribution from the
98	98	fund in that year under Subsection (d). An additional distribution
99	99	under this subsection may be used for a purpose described by
100	100	Subsection (f). The trust company may not make an additional
101	101	distribution under this subsection if the distribution would
102	102	negatively affect the purchasing power of the assets of the fund as
103	103	determined by the terms of the distribution policy adopted by the
104	104	comptroller under Subsection (d).
105	105	(h) The board may receive an additional distribution from
106	106	the fund under Subsection (g) only after the board certifies to the
107	107	Legislative Budget Board that:
108	108	(1) the board has reviewed and approved the use of the
109	109	money;
110	110	(2) all purchases made with the money will conform to
111	111	any applicable provision of law governing state procurement and
112	112	contracting; and
113	113	(3) the money will not be used to:
114	114	(A) pay salaries, employee benefits, costs
115	115	associated with employee benefits, or administration, operating,
116	116	or program costs of the board or the buildings and grounds over
117	117	which the board has jurisdiction;
118	118	(B) except as provided by Subsection (f), acquire
119	119	new historic sites or real property; or
120	120	(C) purchase capital equipment that is not
121	121	related to the rehabilitation or restoration of a building or
122	122	grounds.
123	123	(i) All expenditures by the board under this section are
124	124	subject to audit by the state auditor.
125	125	(j) The board shall include in the strategic plan submitted
126	126	under Section 2056.002 a report on each project funded using money
127	127	in the fund during the two-year period preceding the date on which
128	128	the board submits the plan and a list of each project the board
129	129	anticipates will be funded using money in the fund for the period
130	130	covered by the plan.
131	131	[(c) The interest received from investment of money in the
132	132	fund shall be credited to the fund.
133	133	[(d) The board may transfer money from any account of the
134	134	Capitol fund to the capital renewal trust fund, other than money
135	135	that was donated to the board, derived from a security or other
136	136	thing of value donated to the board, or earned as interest or other
137	137	income on a donation to the board, if the board determines that
138	138	after the transfer there will be a sufficient amount of money in the
139	139	applicable account of the Capitol fund to accomplish the purposes
140	140	for which the account was created.
141	141	[(e) The board may transfer money from the capital renewal
142	142	trust fund to any account of the Capitol fund, provided that money
143	143	transferred shall only be used for the purposes outlined in
144	144	Subsection (b).]
145	145	SECTION 3. Effective September 1, 2024, the following
146	146	provisions of the Government Code are repealed:
147	147	(1) Section 443.0295;
148	148	(2) Section 2165.2565, as added by Chapter 72 (S.B.
149	149	574), Acts of the 84th Legislature, Regular Session, 2015; and
150	150	(3) Section 2165.2565, as added by Chapter 932 (H.B.
151	151	2206), Acts of the 84th Legislature, Regular Session, 2015.
152	152	SECTION 4. On September 1, 2024, the Governor's Mansion
153	153	renewal trust fund and the State Cemetery preservation trust fund
154	154	are abolished and the unencumbered balances of those funds are
155	155	transferred to the comptroller of public accounts for deposit in
156	156	the Texas state buildings preservation endowment fund created under
157	157	Section 443.0103, Government Code, as amended by this Act. Money
158	158	transferred under this section is available for expenditure in the
159	159	manner prescribed by Section 443.0103, Government Code, as amended
160	160	by this Act, except that the requirement that one-third of the
161	161	amount spent be used as required by Subsection (f) of that section
162	162	does not apply to money transferred under this section.
163	163	SECTION 5. On September 1, 2024, the unencumbered balance
164	164	of the capital renewal trust fund is transferred to the comptroller
165	165	of public accounts for deposit in the Texas state buildings
166	166	preservation endowment fund created under Section 443.0103,
167	167	Government Code, as amended by this Act. Money transferred under
168	168	this section is available for expenditure in the manner prescribed
169	169	by Section 443.0103, Government Code, as amended by this Act,
170	170	except that the requirement that one-third of the amount spent be
171	171	used as required by Subsection (f) of that section does not apply to
172	172	money transferred under this section.
173	173	SECTION 6. Except as otherwise provided by this Act, this
174	174	Act takes effect September 1, 2023.