Texas 2023 - 88th Regular

Texas Senate Bill SB1332 Compare Versions

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Version 2 (New)

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1	1	S.B. No. 1332
2	2
3	3
4	4	AN ACT
5	5	relating to the provision of funding to the Texas Historical
6	6	Commission for state historic sites.
7	7	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	8	SECTION 1. Section 442.0083(e), Government Code, is amended
9	9	to read as follows:
10	10	(e) A grant for a historic courthouse project may not exceed
11	11	the greater of $10 million [$6 million] or two percent of the amount
12	12	appropriated for implementing the historic courthouse preservation
13	13	program during the state fiscal biennium.
14	14	SECTION 2. Subchapter A, Chapter 442, Government Code, is
15	15	amended by adding Section 442.0151 to read as follows:
16	16	Sec. 442.0151. HISTORIC INFRASTRUCTURE SUSTAINABILITY
17	17	TRUST FUND. (a) In this section, "trust company" means the Texas
18	18	Treasury Safekeeping Trust Company.
19	19	(b) The historic infrastructure sustainability trust fund
20	20	is created as a trust fund outside the treasury held by the trust
21	21	company and administered by the comptroller as trustee on behalf of
22	22	the people of this state to generate earnings on money in the fund
23	23	for the purpose of maintaining, preserving, rehabilitating, and
24	24	restoring historic sites throughout the state.
25	25	(c) The fund consists of:
26	26	(1) money appropriated or transferred to the fund at
27	27	the direction of the legislature;
28	28	(2) gifts, grants, and donations received by the
29	29	commission for a purpose for which money in the fund may be used
30	30	under this section; and
31	31	(3) any returns received from the investment of money
32	32	in the fund.
33	33	(d) The trust company shall hold, manage, and invest the
34	34	fund, and shall determine the amount available for distribution
35	35	from the fund each year in accordance with a distribution policy
36	36	adopted by the comptroller. The distribution policy must be
37	37	designed to preserve the purchasing power of the assets of the fund,
38	38	provide a stable and predictable series of annual distributions
39	39	from the fund, and meet the liquidity needs of the fund as
40	40	necessary. The expenses of managing the fund and its assets shall
41	41	be paid from the fund. Except as otherwise provided by this
42	42	section, money in the fund may not be used for any other purpose.
43	43	(e) In managing the assets of the fund, through procedures
44	44	and subject to restrictions the trust company considers
45	45	appropriate, the trust company may acquire, exchange, sell,
46	46	supervise, manage, or retain any kind of investment that a prudent
47	47	investor, exercising reasonable care, skill, and caution, would
48	48	acquire or retain in light of the purposes, terms, distribution
49	49	requirements, and other circumstances of the fund then prevailing,
50	50	taking into consideration the investment of all the assets of the
51	51	fund rather than a single investment. At the request of the trust
52	52	company, the commission shall provide the trust company with
53	53	information the trust company determines is necessary to ensure
54	54	that the trust company is able to achieve the objectives specified
55	55	by Subsection (d).
56	56	(f) The commission annually may request a distribution from
57	57	the fund in an amount that may not exceed the amount the trust
58	58	company determines is available for distribution in the applicable
59	59	year under Subsection (d). Money distributed from the fund to the
60	60	commission may be used only for the purpose of maintaining,
61	61	preserving, rehabilitating, and restoring state historic sites
62	62	under the control of the commission and for the historic courthouse
63	63	preservation program under Section 442.0081. The commission shall
64	64	allocate at least one-third of each annual distribution from the
65	65	fund under this subsection for the historic courthouse preservation
66	66	program. The commission may not use money received from an annual
67	67	distribution under this subsection to pay salaries, employee
68	68	benefits, costs associated with employee benefits, or
69	69	administration, operating, or program costs of the commission.
70	70	(g) Subject to Subsection (h) and not more frequently than
71	71	once each calendar year, the commission may request an additional
72	72	distribution from the fund in an amount that exceeds the amount the
73	73	trust company determines is available for distribution from the
74	74	fund in that year under Subsection (d). An additional distribution
75	75	under this subsection may be used for a purpose described by
76	76	Subsection (f). The trust company may not make an additional
77	77	distribution under this subsection if the distribution would
78	78	negatively affect the purchasing power of the assets of the fund as
79	79	determined by the terms of the distribution policy adopted by the
80	80	comptroller under Subsection (d).
81	81	(h) The commission may receive an additional distribution
82	82	from the fund under Subsection (g) only after the commission
83	83	certifies to the Legislative Budget Board that:
84	84	(1) the commission has reviewed and approved the use
85	85	of the money;
86	86	(2) all purchases made with the money will conform to
87	87	any applicable provision of law governing state procurement and
88	88	contracting; and
89	89	(3) the money will not be used to:
90	90	(A) pay salaries, employee benefits, costs
91	91	associated with employee benefits, or administration, operating,
92	92	or program costs of the commission or the state historic sites under
93	93	the control of the commission;
94	94	(B) acquire new historic sites or real property;
95	95	or
96	96	(C) purchase capital equipment that is not
97	97	related to the rehabilitation or restoration of a historic site
98	98	under the control of the commission or the historic courthouse
99	99	preservation program under Section 442.0081.
100	100	(i) All expenditures by the commission under this section
101	101	are subject to audit by the state auditor.
102	102	(j) The commission shall include in the strategic plan
103	103	submitted under Section 2056.002 a report on each project funded
104	104	using money in the fund during the two-year period preceding the
105	105	date on which the commission submits the plan and a list of each
106	106	project the commission anticipates will be funded using money in
107	107	the fund for the period covered by the plan.
108	108	SECTION 3. Section 442.073, Government Code, is amended by
109	109	amending Subsection (d) and adding Subsection (e) to read as
110	110	follows:
111	111	(d) Except as provided by Subsection (e), money [Money] in
112	112	the account may be used only to administer, operate, preserve,
113	113	repair, expand, or otherwise maintain a historic site or to acquire
114	114	a historical item appropriate to a historic site.
115	115	(e) The commission may make an expenditure from the account
116	116	for a historic site that is not described by Section 442.072(a).
117	117	The commission shall provide notice of an expenditure described by
118	118	this subsection to the Legislative Budget Board not later than the
119	119	30th day after the date the commission makes the expenditure. The
120	120	Legislative Budget Board may establish the procedure by which the
121	121	commission provides notice to the board under this subsection.
122	122	SECTION 4. This Act takes effect September 1, 2023.
123	123	______________________________ ______________________________
124	124	President of the Senate Speaker of the House
125	125	I hereby certify that S.B. No. 1332 passed the Senate on
126	126	April 12, 2023, by the following vote: Yeas 31, Nays 0.
127	127	______________________________
128	128	Secretary of the Senate
129	129	I hereby certify that S.B. No. 1332 passed the House on
130	130	May 4, 2023, by the following vote: Yeas 145, Nays 0, one present
131	131	not voting.
132	132	______________________________
133	133	Chief Clerk of the House
134	134	Approved:
135	135	______________________________
136	136	Date
137	137	______________________________
138	138	Governor