Texas 2023 - 88th Regular

Texas Senate Bill SB1333 Compare Versions

Version 1 (Old)

Version 2 (New)

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1	1	S.B. No. 1333
2	2
3	3
4	4	AN ACT
5	5	relating to the creation of the Texas state buildings preservation
6	6	endowment fund, including the transfer to the fund of the
7	7	unencumbered balances of certain other funds.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Section 443.0102(b), Government Code, is amended
10	10	to read as follows:
11	11	(b) The Capitol fund created by Section 443.0101 and the
12	12	Texas state buildings preservation endowment fund created by
13	13	Section 443.0103 are [is] not subject to Subchapter F, Chapter 404.
14	14	A provision of this chapter or other law that provides for the
15	15	deposit of money or another thing of value into the Capitol fund or
16	16	the Texas state buildings preservation endowment fund prevails over
17	17	Subchapter F, Chapter 404.
18	18	SECTION 2. Section 443.0103, Government Code, is amended to
19	19	read as follows:
20	20	Sec. 443.0103. TEXAS STATE BUILDINGS PRESERVATION
21	21	ENDOWMENT [CAPITAL RENEWAL TRUST] FUND. (a) In this section:
22	22	(1) "Fund" means the Texas state buildings
23	23	preservation endowment fund.
24	24	(2) "Trust company" means the Texas Treasury
25	25	Safekeeping Trust Company.
26	26	(b) The Texas state buildings preservation endowment
27	27	[capital renewal trust] fund is created as a [trust] fund outside
28	28	the treasury. The purpose of the fund is to maintain, preserve,
29	29	rehabilitate, and restore the state buildings and grounds over
30	30	which the board has jurisdiction [with the comptroller and shall be
31	31	administered by the board, as a trustee on behalf of the people of
32	32	this state, to maintain and preserve the Capitol, the General Land
33	33	Office Building, their contents, and their grounds].
34	34	(c) The fund consists of:
35	35	(1) money transferred or appropriated to the fund by[:
36	36	[(1) at the direction of] the legislature, including
37	37	money transferred to the fund from the former capital renewal trust
38	38	fund, Governor's Mansion renewal trust fund, and State Cemetery
39	39	preservation trust fund; [or]
40	40	(2) gifts, grants, and donations contributed to the
41	41	fund for a purpose for which money in the fund may be used under [in
42	42	accordance with] this section; and
43	43	(3) any returns received from the investment of money
44	44	in the fund.
45	45	(d) The trust company shall hold, manage, and invest the
46	46	fund, and shall determine the amount available for distribution
47	47	from the fund each year in accordance with a distribution policy
48	48	adopted by the comptroller. The distribution policy must be
49	49	designed to preserve the purchasing power of the assets of the fund,
50	50	provide a stable and predictable series of annual distributions
51	51	from the fund, and meet the liquidity needs of the fund as
52	52	necessary. The expenses of managing the fund and its assets shall
53	53	be paid from the fund. Except as otherwise provided by this
54	54	section, money [(b) Money] in the fund may not be used [only] for
55	55	any other [the] purpose.
56	56	(e) In managing the assets of the fund, through procedures
57	57	and subject to restrictions the trust company considers
58	58	appropriate, the trust company may acquire, exchange, sell,
59	59	supervise, manage, or retain any kind of investment that a prudent
60	60	investor, exercising reasonable care, skill, and caution, would
61	61	acquire or retain in light of the purposes, terms, distribution
62	62	requirements, and other circumstances of the fund then prevailing,
63	63	taking into consideration the investment of all the assets of the
64	64	fund rather than a single investment. At the request of the trust
65	65	company, the board shall provide the trust company with information
66	66	the trust company determines is necessary to ensure that the trust
67	67	company is able to achieve the objectives specified by Subsection
68	68	(d).
69	69	(f) The board annually may request a distribution from the
70	70	fund in an amount that may not exceed the amount the trust company
71	71	determines is available for distribution in the applicable year
72	72	under Subsection (d). Money distributed from the fund to the board
73	73	may be used only for the purpose of maintaining, [and] preserving,
74	74	rehabilitating, and restoring the buildings [the Capitol, the
75	75	General Land Office Building, their contents,] and [their] grounds
76	76	over which the board has jurisdiction. The board shall allocate to
77	77	projects at the Bob Bullock Texas State History Museum an amount
78	78	equal to at least one-third of each annual distribution from the
79	79	fund under this subsection, other than the portion of the
80	80	distribution made using money transferred to the fund from the
81	81	former capital renewal trust fund, Governor's Mansion renewal trust
82	82	fund, and State Cemetery preservation trust fund. The board, with
83	83	the written approval of the Legislative Budget Board, may use money
84	84	received from an annual distribution under this subsection to
85	85	acquire land in close proximity to the State Cemetery for expansion
86	86	of the cemetery. The board may not use money received from an
87	87	annual distribution under this subsection to pay salaries, employee
88	88	benefits, costs associated with employee benefits, or
89	89	administration, operating, or program costs of the board or the
90	90	buildings and grounds over which the board has jurisdiction.
91	91	(g) Subject to Subsection (h) and not more frequently than
92	92	once each calendar year, the board may request an additional
93	93	distribution from the fund in an amount that exceeds the amount the
94	94	trust company determines is available for distribution from the
95	95	fund in that year under Subsection (d). An additional distribution
96	96	under this subsection may be used for a purpose described by
97	97	Subsection (f). The trust company may not make an additional
98	98	distribution under this subsection if the distribution would
99	99	negatively affect the purchasing power of the assets of the fund as
100	100	determined by the terms of the distribution policy adopted by the
101	101	comptroller under Subsection (d).
102	102	(h) The board may receive an additional distribution from
103	103	the fund under Subsection (g) only after the board certifies to the
104	104	Legislative Budget Board that:
105	105	(1) the board has reviewed and approved the use of the
106	106	money;
107	107	(2) all purchases made with the money will conform to
108	108	any applicable provision of law governing state procurement and
109	109	contracting; and
110	110	(3) the money will not be used to:
111	111	(A) pay salaries, employee benefits, costs
112	112	associated with employee benefits, or administration, operating,
113	113	or program costs of the board or the buildings and grounds over
114	114	which the board has jurisdiction;
115	115	(B) except as provided by Subsection (f), acquire
116	116	new historic sites or real property; or
117	117	(C) purchase capital equipment that is not
118	118	related to the rehabilitation or restoration of a building or
119	119	grounds.
120	120	(i) All expenditures by the board under this section are
121	121	subject to audit by the state auditor.
122	122	(j) The board shall include in the strategic plan submitted
123	123	under Section 2056.002 a report on each project funded using money
124	124	in the fund during the two-year period preceding the date on which
125	125	the board submits the plan and a list of each project the board
126	126	anticipates will be funded using money in the fund for the period
127	127	covered by the plan.
128	128	[(c) The interest received from investment of money in the
129	129	fund shall be credited to the fund.
130	130	[(d) The board may transfer money from any account of the
131	131	Capitol fund to the capital renewal trust fund, other than money
132	132	that was donated to the board, derived from a security or other
133	133	thing of value donated to the board, or earned as interest or other
134	134	income on a donation to the board, if the board determines that
135	135	after the transfer there will be a sufficient amount of money in the
136	136	applicable account of the Capitol fund to accomplish the purposes
137	137	for which the account was created.
138	138	[(e) The board may transfer money from the capital renewal
139	139	trust fund to any account of the Capitol fund, provided that money
140	140	transferred shall only be used for the purposes outlined in
141	141	Subsection (b).]
142	142	SECTION 3. Effective September 1, 2024, the following
143	143	provisions of the Government Code are repealed:
144	144	(1) Section 443.0295;
145	145	(2) Section 2165.2565, as added by Chapter 72 (S.B.
146	146	574), Acts of the 84th Legislature, Regular Session, 2015; and
147	147	(3) Section 2165.2565, as added by Chapter 932 (H.B.
148	148	2206), Acts of the 84th Legislature, Regular Session, 2015.
149	149	SECTION 4. On September 1, 2024, the Governor's Mansion
150	150	renewal trust fund and the State Cemetery preservation trust fund
151	151	are abolished and the unencumbered balances of those funds are
152	152	transferred to the comptroller of public accounts for deposit in
153	153	the Texas state buildings preservation endowment fund created under
154	154	Section 443.0103, Government Code, as amended by this Act. Money
155	155	transferred under this section is available for expenditure in the
156	156	manner prescribed by Section 443.0103, Government Code, as amended
157	157	by this Act, except that the requirement that one-third of the
158	158	amount spent be used as required by Subsection (f) of that section
159	159	does not apply to money transferred under this section.
160	160	SECTION 5. On September 1, 2024, the unencumbered balance
161	161	of the capital renewal trust fund is transferred to the comptroller
162	162	of public accounts for deposit in the Texas state buildings
163	163	preservation endowment fund created under Section 443.0103,
164	164	Government Code, as amended by this Act. Money transferred under
165	165	this section is available for expenditure in the manner prescribed
166	166	by Section 443.0103, Government Code, as amended by this Act,
167	167	except that the requirement that one-third of the amount spent be
168	168	used as required by Subsection (f) of that section does not apply to
169	169	money transferred under this section.
170	170	SECTION 6. Except as otherwise provided by this Act, this
171	171	Act takes effect September 1, 2023.
172	172	______________________________ ______________________________
173	173	President of the Senate Speaker of the House
174	174	I hereby certify that S.B. No. 1333 passed the Senate on
175	175	April 12, 2023, by the following vote: Yeas 31, Nays 0.
176	176	______________________________
177	177	Secretary of the Senate
178	178	I hereby certify that S.B. No. 1333 passed the House on
179	179	April 27, 2023, by the following vote: Yeas 143, Nays 0,
180	180	one present not voting.
181	181	______________________________
182	182	Chief Clerk of the House
183	183	Approved:
184	184	______________________________
185	185	Date
186	186	______________________________
187	187	Governor