Relating to the creation of the Texas state buildings preservation endowment fund, including the transfer to the fund of the unencumbered balances of certain other funds.
Impact
The financial reorganization initiated by SB1333 is expected to streamline the management of state funds dedicated to building preservation. By merging the capital renewal trust fund with the newly created endowment, the state aims to allocate resources more effectively for the maintenance of significant buildings like the Capitol and General Land Office. The law facilitates a more predictable investment strategy, focusing on preserving the value of the fund while ensuring that sufficient resources are available for restoration projects.
Summary
Senate Bill 1333 establishes the Texas state buildings preservation endowment fund and facilitates the transfer of unencumbered balances from other existing funds. The bill consolidates funding resources aimed at maintaining, rehabilitating, and restoring state buildings under the jurisdiction of the state board. It designates the Texas Treasury Safekeeping Trust Company as the administrator of the fund, while also outlining the specific types of funding sources that can contribute to this fund, including legislative appropriations and donations.
Sentiment
The sentiment around SB1333 appears largely positive, as evidenced by the unanimous support during voting. Proponents argue that the bill will enhance the management of state properties, ensuring that historical buildings receive the attention and funding necessary for upkeep. There is recognition among legislators that maintaining these buildings contributes to preserving Texas's cultural heritage and fosters economic development through tourism.
Contention
While the discussions surrounding SB1333 were generally favorable, potential points of contention could arise regarding the specific management practices of the trust company and the allocation of funds. Critics may express concerns regarding the transparency of fund management, particularly in how decisions are made regarding expenditures on restoration projects. Additionally, the bill’s stipulation that funds cannot be used for salaries or operational costs of governmental bodies could lead to debates on the adequacy of available resources for comprehensive preservation efforts.
Texas Constitutional Statutes Affected
Government Code
Chapter 443. State Preservation Board
Section: 0102
Section: 0103
Section: 0102
Section: 0103
Section: 0295
Section: 0102
Section: 0103
Section: 0295
Section: 0102
Section: 0103
Section: 0295
Section: 0102
Section: 0103
Section: 0295
Chapter 2165. State Buildings, Grounds, And Property
Identical
Relating to the creation of the Texas state buildings preservation endowment fund, including the transfer to the fund of the unencumbered balances of certain other funds.
Relating to the creation of the Texas state buildings preservation endowment fund, including the transfer to the fund of the unencumbered balances of certain other funds.
Relating to the transfer of the oversight of the Texas State Cemetery to the State Preservation Board and to the creation of the State Cemetery preservation trust fund.
Relating to state economic development measures, including administration of the Texas Enterprise Fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
Relating to creation of the university research initiative fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
Proposing a constitutional amendment for the creation of an endowment fund for this state and for the retention, transfer, or appropriation of fund assets, including investment earnings received on fund assets.
Relating to creation of the university research initiative fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
"Holocaust Reparations Tax Exemption Act"; exempts value of certain payments to Holocaust survivors and their eligible descendants from transfer inheritance tax.
"Holocaust Reparations Tax Exemption Act"; exempts value of certain payments to Holocaust survivors and their eligible descendants from transfer inheritance tax.