Texas 2023 - 88th Regular

Texas Senate Bill SB1648 Compare Versions

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1	1	S.B. No. 1648
2	2
3	3
4	4	AN ACT
5	5	relating to the centennial parks conservation fund.
6	6	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
7	7	SECTION 1. Title 3, Parks and Wildlife Code, is amended by
8	8	adding Chapter 21A to read as follows:
9	9	CHAPTER 21A. CENTENNIAL PARKS CONSERVATION FUND
10	10	Sec. 21A.001. DEFINITIONS. In this chapter:
11	11	(1) "Fund" means the centennial parks conservation
12	12	fund established under Section 49-e-1, Article III, Texas
13	13	Constitution.
14	14	(2) "Trust company" means the Texas Treasury
15	15	Safekeeping Trust Company.
16	16	Sec. 21A.002. ADMINISTRATION AND MANAGEMENT OF FUND. (a)
17	17	The centennial parks conservation fund is a trust fund held outside
18	18	the treasury by the trust company and administered by the
19	19	department for the purpose of the creation and improvement of state
20	20	parks.
21	21	(b) The trust company shall hold and invest the fund, taking
22	22	into account the purposes for which the money in the fund may be
23	23	used. The overall objective for the investment of the fund is to
24	24	maintain sufficient liquidity to meet the needs of the fund.
25	25	(c) The expenses of managing the fund and its assets shall
26	26	be paid from the fund. Except as otherwise provided by this chapter
27	27	and Section 49-e-1, Article III, Texas Constitution, money in the
28	28	fund may not be used for any other purpose.
29	29	(d) In managing the assets of the fund, through procedures
30	30	and subject to restrictions the trust company considers
31	31	appropriate, the trust company may acquire, exchange, sell,
32	32	supervise, manage, or retain any kind of investment that a prudent
33	33	investor, exercising reasonable care, skill, and caution, would
34	34	acquire or retain in light of the purposes, terms, distribution
35	35	requirements, liquidity requirements, and other circumstances of
36	36	the fund then prevailing, taking into consideration the investment
37	37	of all the fund assets rather than a single investment. The fund
38	38	may be invested with the state treasury pool and may be pooled with
39	39	other state assets for purposes of investment.
40	40	(e) The department shall provide the trust company with a
41	41	cash flow forecast at least annually, and more frequently as
42	42	appropriate, to ensure the trust company is able to satisfy the
43	43	objectives specified by Subsection (b).
44	44	Sec. 21A.003. REQUEST FOR DISTRIBUTION. The department may
45	45	request from the trust company a distribution from the fund for the
46	46	purpose of acquiring real property in this state for the creation
47	47	and improvement of publicly accessible state parks.
48	48	Sec. 21A.004. REQUIRED APPROVAL OF ACQUISITION. (a) The
49	49	department must submit to the Legislative Budget Board a request
50	50	for approval of a proposed acquisition of real property under this
51	51	chapter before the property is acquired.
52	52	(b) A request to the Legislative Budget Board under this
53	53	section shall be considered approved on the 30th day after the date
54	54	the request is submitted unless the request is approved or
55	55	disapproved before that date.
56	56	Sec. 21A.005. PROHIBITED EXPENDITURES. Money in the fund
57	57	may not be used:
58	58	(1) to pay salaries, employee benefits, costs
59	59	associated with employee benefits, or administration, operating,
60	60	or program costs of the department; or
61	61	(2) for the maintenance or operation of state parks.
62	62	Sec. 21A.006. EXPENDITURES SUBJECT TO AUDIT. All
63	63	expenditures by the department under this chapter are subject to
64	64	audit by the state auditor.
65	65	Sec. 21A.007. STRATEGIC PLAN. The department shall include
66	66	in each strategic plan submitted under Section 2056.002, Government
67	67	Code, a report on each acquisition funded using money in the fund
68	68	during the two-year period preceding the date on which the
69	69	department submits the plan.
70	70	SECTION 2. This Act takes effect January 1, 2024, but only
71	71	if the constitutional amendment proposed by the 88th Legislature,
72	72	Regular Session, 2023, providing for the creation of the centennial
73	73	parks conservation fund to be used for the creation and improvement
74	74	of state parks is approved by the voters. If that amendment is not
75	75	approved by the voters, this Act has no effect.
76	76	______________________________ ______________________________
77	77	President of the Senate Speaker of the House
78	78	I hereby certify that S.B. No. 1648 passed the Senate on
79	79	April 20, 2023, by the following vote: Yeas 26, Nays 3.
80	80	______________________________
81	81	Secretary of the Senate
82	82	I hereby certify that S.B. No. 1648 passed the House on
83	83	May 16, 2023, by the following vote: Yeas 120, Nays 19, one
84	84	present not voting.
85	85	______________________________
86	86	Chief Clerk of the House
87	87	Approved:
88	88	______________________________
89	89	Date
90	90	______________________________
91	91	Governor