88R9447 KBB-D
 
  By: Paul, Thompson of Brazoria H.B. No. 2416
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to creation of the gulf coast protection trust fund to be
  administered by the General Land Office.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 31, Natural Resources
  Code, is amended by adding Section 31.070 to read as follows:
         Sec. 31.070.  GULF COAST PROTECTION TRUST FUND. (a) The
  gulf coast protection trust fund is created as a trust fund outside
  the treasury with the comptroller and shall be administered by the
  land office under this section and rules adopted by the land office.
         (b)  The gulf coast protection trust fund consists of money
  from:
               (1)  gifts, grants, or donations to the land office for
  the protection of the gulf coast; or
               (2)  any other source designated by the legislature.
         (c)  Money in the gulf coast protection trust fund may be
  used only to pay expenditures for the development of infrastructure
  necessary or useful for protecting the gulf coast within the
  territory of the Gulf Coast Protection District established under
  Chapter 9502, Special District Local Laws Code.
         (d)  The land office may invest, reinvest, and direct the
  investment of any available money in the gulf coast protection
  trust fund. Money in the fund may be invested in the manner that
  state funds may be invested under Section 404.024, Government Code.
         SECTION 2.  This Act takes effect September 1, 2023.