|
House Bill 903 |
House Author: Capriglione et al. |
|
Effective: 5-23-15 |
Senate Sponsor: Taylor, Van et al. |
House Bill 903 amends the Government Code to require the comptroller of public accounts to invest a percentage of the economic stabilization fund balance in a state fiscal biennium that exceeds the amount of the sufficient balance of the fund adopted for that biennium in accordance with a specified investment standard and to periodically adjust the investment portfolio of fund money to ensure that the balance of the fund is sufficient to meet the fund's cash flow requirements. The bill additionally requires the comptroller to include the fair market value of the fund's investment portfolio in calculating the cap on the fund and in determining allocations from general revenue to the economic stabilization fund and the state highway fund.