S.B. No. 1332
AN ACT
relating to the provision of funding to the Texas Historical
Commission for state historic sites.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 442.0083(e), Government Code, is amended
to read as follows:
(e) A grant for a historic courthouse project may not exceed
the greater of $10 million [$6 million] or two percent of the amount
appropriated for implementing the historic courthouse preservation
program during the state fiscal biennium.
SECTION 2. Subchapter A, Chapter 442, Government Code, is
amended by adding Section 442.0151 to read as follows:
Sec. 442.0151. HISTORIC INFRASTRUCTURE SUSTAINABILITY
TRUST FUND. (a) In this section, "trust company" means the Texas
Treasury Safekeeping Trust Company.
(b) The historic infrastructure sustainability trust fund
is created as a trust fund outside the treasury held by the 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 maintaining, preserving, rehabilitating, and
restoring historic sites throughout the state.
(c) 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) any returns received from the investment of money
in the fund.
(d) The trust company shall hold, manage, and invest the
fund, and shall determine the amount available for distribution
from the fund each year in accordance with a distribution policy
adopted by the comptroller. The distribution policy must be
designed to preserve the purchasing power of the assets of the fund,
provide a stable and predictable series of annual distributions
from the fund, and meet the liquidity needs of the fund as
necessary. The expenses of managing the fund and its assets shall
be paid from the fund. Except as otherwise provided by this
section, money in the fund may not be used for any other purpose.
(e) 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, 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. At the request of the trust
company, the commission shall provide the trust company with
information the trust company determines is necessary to ensure
that the trust company is able to achieve the objectives specified
by Subsection (d).
(f) The commission annually may request a distribution from
the fund in an amount that may not exceed the amount the trust
company determines is available for distribution in the applicable
year under Subsection (d). Money distributed from the fund to the
commission may be used only for the purpose of maintaining,
preserving, rehabilitating, and restoring state historic sites
under the control of the commission and for the historic courthouse
preservation program under Section 442.0081. The commission shall
allocate at least one-third of each annual distribution from the
fund under this subsection for the historic courthouse preservation
program. The commission may not use money received from an annual
distribution under this subsection to pay salaries, employee
benefits, costs associated with employee benefits, or
administration, operating, or program costs of the commission.
(g) Subject to Subsection (h) and not more frequently than
once each calendar year, the commission may request an additional
distribution from the fund in an amount that exceeds the amount the
trust company determines is available for distribution from the
fund in that year under Subsection (d). An additional distribution
under this subsection may be used for a purpose described by
Subsection (f). The trust company may not make an additional
distribution under this subsection if the distribution would
negatively affect the purchasing power of the assets of the fund as
determined by the terms of the distribution policy adopted by the
comptroller under Subsection (d).
(h) The commission may receive an additional distribution
from the fund under Subsection (g) only after the commission
certifies to the Legislative Budget Board that:
(1) the commission has reviewed and approved the use
of the money;
(2) all purchases made with the money will conform to
any applicable provision of law governing state procurement and
contracting; and
(3) the money will not be used to:
(A) pay salaries, employee benefits, costs
associated with employee benefits, or administration, operating,
or program costs of the commission or the state historic sites under
the control of the commission;
(B) acquire new historic sites or real property;
or
(C) purchase capital equipment that is not
related to the rehabilitation or restoration of a historic site
under the control of the commission or the historic courthouse
preservation program under Section 442.0081.
(i) All expenditures by the commission under this section
are subject to audit by the state auditor.
(j) The commission shall include in the strategic plan
submitted under Section 2056.002 a report on each project funded
using money in the fund during the two-year period preceding the
date on which the commission submits the plan and a list of each
project the commission anticipates will be funded using money in
the fund for the period covered by the plan.
SECTION 3. Section 442.073, Government Code, is amended by
amending Subsection (d) and adding Subsection (e) to read as
follows:
(d) Except as provided by Subsection (e), money [Money] in
the account may be used only to administer, operate, preserve,
repair, expand, or otherwise maintain a historic site or to acquire
a historical item appropriate to a historic site.
(e) The commission may make an expenditure from the account
for a historic site that is not described by Section 442.072(a).
The commission shall provide notice of an expenditure described by
this subsection to the Legislative Budget Board not later than the
30th day after the date the commission makes the expenditure. The
Legislative Budget Board may establish the procedure by which the
commission provides notice to the board under this subsection.
SECTION 4. This Act takes effect September 1, 2023.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1332 passed the Senate on
April 12, 2023, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1332 passed the House on
May 4, 2023, by the following vote: Yeas 145, Nays 0, one present
not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor