| 1 | 1 | | By: Walle H.B. No. 4177 |
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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 acquisition of park land by the Texas parks and |
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| 7 | 7 | | wildlife department: making an appropriation |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Subchapter C, Chapter 11, Parks and Wildlife |
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| 10 | 10 | | Code, is amended by adding Section 11.048 to read as follows: |
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| 11 | 11 | | Sec. 11.048. STATE PARK LANDS ACQUISITION TRUST FUND. (a) |
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| 12 | 12 | | The state park lands acquisition trust fund is created as a trust |
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| 13 | 13 | | fund outside the treasury held by the Texas Treasury Safekeeping |
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| 14 | 14 | | Trust Company and administered by the comptroller as trustee on |
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| 15 | 15 | | behalf of the people of this state to generate earnings on money in |
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| 16 | 16 | | the fund for the purpose of acquiring real property for the |
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| 17 | 17 | | expansion and creation of state parks. In this section, "trust |
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| 18 | 18 | | company" means the Texas Treasury Safekeeping Trust Company, and |
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| 19 | 19 | | "department" means the Texas Parks and Wildlife Department. |
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| 20 | 20 | | (b) The fund consists of: |
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| 21 | 21 | | (1) money appropriated or transferred to the fund at |
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| 22 | 22 | | the direction of the legislature; |
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| 23 | 23 | | (2) gifts, grants, and donations received by the |
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| 24 | 24 | | commission for a purpose for which money in the fund may be used |
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| 25 | 25 | | under this section; and |
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| 26 | 26 | | (3) the returns received from investment of money in |
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| 27 | 27 | | the fund. |
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| 28 | 28 | | (c) The trust company shall hold, manage, and invest the |
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| 29 | 29 | | fund. The trust company shall determine the amount available for |
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| 30 | 30 | | distribution from the fund determined in accordance with a |
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| 31 | 31 | | distribution policy that is adopted by the comptroller and designed |
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| 32 | 32 | | to preserve the purchasing power of the fund's assets, provide a |
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| 33 | 33 | | stable and predictable stream of annual distributions, and meet |
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| 34 | 34 | | liquidity needs of the fund as appropriate. The expenses of |
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| 35 | 35 | | managing the fund and its assets shall be paid from the fund. |
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| 36 | 36 | | Except as provided by this section, money in the fund may not be |
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| 37 | 37 | | used for any other purpose. |
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| 38 | 38 | | (d) In managing the assets of the fund, through procedures |
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| 39 | 39 | | and subject to restrictions the trust company considers |
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| 40 | 40 | | appropriate, the trust company may acquire, exchange, sell, |
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| 41 | 41 | | supervise, manage, or retain any kind of investment that a prudent |
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| 42 | 42 | | investor, exercising reasonable care, skill, and caution, would |
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| 43 | 43 | | acquire or retain in light of the purposes, terms, distribution |
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| 44 | 44 | | requirements, liquidity requirements, and other circumstances of |
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| 45 | 45 | | the fund then prevailing, taking into consideration the investment |
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| 46 | 46 | | of all the assets of the fund rather than a single investment. The |
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| 47 | 47 | | department will provide the trust company with a cash flow forecast |
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| 48 | 48 | | at least annually, and more frequently as appropriate, for purposes |
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| 49 | 49 | | of distribution and liquidity requirements. |
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| 50 | 50 | | (e) The department may request a fund distribution from the |
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| 51 | 51 | | trust company for the purpose of acquiring real property within the |
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| 52 | 52 | | state of Texas for the purpose of expanding or creating publicly |
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| 53 | 53 | | accessible state parks. The department is required to obtain |
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| 54 | 54 | | written approval from the Legislative Budget Board before such a |
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| 55 | 55 | | land purchase may be completed. A request to the Legislative Budget |
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| 56 | 56 | | Board under this section shall be considered approved after 30 days |
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| 57 | 57 | | of submission unless disapproved by the board before that time. |
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| 58 | 58 | | Money in the fund may not be used to pay salaries, employee |
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| 59 | 59 | | benefits, costs associated with employee benefits, or |
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| 60 | 60 | | administration, operating, or program costs of the department. |
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| 61 | 61 | | Money in the fund may not be used for the maintenance or operation |
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| 62 | 62 | | of state parks. |
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| 63 | 63 | | (f) All expenditures by the department under this section |
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| 64 | 64 | | are subject to audit by the state auditor. |
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| 65 | 65 | | (g) The department shall include in the strategic plan |
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| 66 | 66 | | submitted under Section 2056.002 a report on each acquisition |
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| 67 | 67 | | funded using money in the fund during the two-year period preceding |
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| 68 | 68 | | the date on which the department submits the plan. |
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| 69 | 69 | | SECTION 2. On January 1, 2023, the comptroller of public |
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| 70 | 70 | | accounts shall transfer $1,000,000,000 from the economic |
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| 71 | 71 | | stabilization fund to the state park land acquisition trust fund |
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| 72 | 72 | | established by this act. |
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| 73 | 73 | | SECTION 3. This Act takes effect September 1, 2023. |
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