By: Walle H.B. No. 4177
A BILL TO BE ENTITLED
AN ACT
relating to the acquisition of park land by the Texas parks and
wildlife department: making an appropriation
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 11, Parks and Wildlife
Code, is amended by adding Section 11.048 to read as follows:
Sec. 11.048. STATE PARK LANDS ACQUISITION TRUST FUND. (a)
The state park lands acquisition trust fund is created as a trust
fund outside the treasury held by the Texas Treasury Safekeeping
Trust Company and administered by the comptroller as trustee on
behalf of the people of this state to generate earnings on money in
the fund for the purpose of acquiring real property for the
expansion and creation of state parks. In this section, "trust
company" means the Texas Treasury Safekeeping Trust Company, and
"department" means the Texas Parks and Wildlife Department.
(b) The fund consists of:
(1) money appropriated or transferred to the fund at
the direction of the legislature;
(2) gifts, grants, and donations received by the
commission for a purpose for which money in the fund may be used
under this section; and
(3) the returns received from investment of money in
the fund.
(c) The trust company shall hold, manage, and invest the
fund. The trust company shall determine the amount available for
distribution from the fund determined in accordance with a
distribution policy that is adopted by the comptroller and designed
to preserve the purchasing power of the fund's assets, provide a
stable and predictable stream of annual distributions, and meet
liquidity needs of the fund as appropriate. The expenses of
managing the fund and its assets shall be paid from the fund.
Except as provided by this section, money in the fund may not be
used for any other purpose.
(d) In managing the assets of the fund, through procedures
and subject to restrictions the trust company considers
appropriate, the trust company may acquire, exchange, sell,
supervise, manage, or retain any kind of investment that a prudent
investor, exercising reasonable care, skill, and caution, would
acquire or retain in light of the purposes, terms, distribution
requirements, liquidity requirements, and other circumstances of
the fund then prevailing, taking into consideration the investment
of all the assets of the fund rather than a single investment. The
department will provide the trust company with a cash flow forecast
at least annually, and more frequently as appropriate, for purposes
of distribution and liquidity requirements.
(e) The department may request a fund distribution from the
trust company for the purpose of acquiring real property within the
state of Texas for the purpose of expanding or creating publicly
accessible state parks. The department is required to obtain
written approval from the Legislative Budget Board before such a
land purchase may be completed. A request to the Legislative Budget
Board under this section shall be considered approved after 30 days
of submission unless disapproved by the board before that time.
Money in the fund may not be used to pay salaries, employee
benefits, costs associated with employee benefits, or
administration, operating, or program costs of the department.
Money in the fund may not be used for the maintenance or operation
of state parks.
(f) All expenditures by the department under this section
are subject to audit by the state auditor.
(g) The department shall include in the strategic plan
submitted under Section 2056.002 a report on each acquisition
funded using money in the fund during the two-year period preceding
the date on which the department submits the plan.
SECTION 2. On January 1, 2023, the comptroller of public
accounts shall transfer $1,000,000,000 from the economic
stabilization fund to the state park land acquisition trust fund
established by this act.
SECTION 3. This Act takes effect September 1, 2023.