By: Parker, Blanco S.B. No. 1648
(In the Senate - Filed March 6, 2023; March 16, 2023, read
first time and referred to Committee on Water, Agriculture & Rural
Affairs; April 18, 2023, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 8, Nays 0;
April 18, 2023, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1648 By: Hancock
A BILL TO BE ENTITLED
AN ACT
relating to the centennial parks conservation fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Title 3, Parks and Wildlife Code, is amended by
adding Chapter 21A to read as follows:
CHAPTER 21A. CENTENNIAL PARKS CONSERVATION FUND
Sec. 21A.001. DEFINITIONS. In this chapter:
(1) "Fund" means the centennial parks conservation
fund established under Section 49-e-1, Article III, Texas
Constitution.
(2) "Trust company" means the Texas Treasury
Safekeeping Trust Company.
Sec. 21A.002. ADMINISTRATION AND MANAGEMENT OF FUND. (a)
The centennial parks conservation fund is 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 the creation and improvement of state parks.
(b) The trust company shall:
(1) hold, manage, and invest the fund; and
(2) determine the amount available for distribution
from the fund in accordance with a distribution policy adopted by
the comptroller that is designed to:
(A) preserve the purchasing power of the fund's
assets;
(B) provide a stable and predictable stream of
annual distributions; and
(C) meet any necessary liquidity needs of the
fund.
(c) The expenses of managing the fund and its assets shall
be paid from the fund. Except as otherwise provided by this chapter
and Section 49-e-1, Article III, Texas Constitution, 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 fund assets rather than a single investment.
(e) The department shall provide the trust company with a
cash flow forecast at least annually, and more frequently as
appropriate, to ensure the trust company is able to satisfy the
distribution and liquidity requirements of the fund.
Sec. 21A.003. REQUEST FOR DISTRIBUTION. The department may
request from the trust company a distribution from the fund for the
purpose of acquiring real property in this state for the creation
and improvement of publicly accessible state parks.
Sec. 21A.004. REQUIRED APPROVAL OF ACQUISITION. (a) The
department must submit to the Legislative Budget Board a request
for approval of a proposed acquisition of real property under this
chapter before the property is acquired.
(b) A request to the Legislative Budget Board under this
section shall be considered approved on the 30th day after the date
the request is submitted unless the request is approved or
disapproved before that date.
Sec. 21A.005. PROHIBITED EXPENDITURES. Money in the fund
may not be used:
(1) to pay salaries, employee benefits, costs
associated with employee benefits, or administration, operating,
or program costs of the department; or
(2) for the maintenance or operation of state parks.
Sec. 21A.006. EXPENDITURES SUBJECT TO AUDIT. All
expenditures by the department under this chapter are subject to
audit by the state auditor.
Sec. 21A.007. STRATEGIC PLAN. The department shall include
in each strategic plan submitted under Section 2056.002, Government
Code, 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. This Act takes effect January 1, 2024, but only
if the constitutional amendment proposed by the 88th Legislature,
Regular Session, 2023, providing for the creation of the centennial
parks conservation fund to be used for the creation and improvement
of state parks is approved by the voters. If that amendment is not
approved by the voters, this Act has no effect.
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