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Senate Bill 608 |
Senate Author: Watson et al. |
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Effective: 9-1-19 |
House Sponsor: Paddie |
Senate Bill 608 amends the Natural Resources Code to continue the School Land Board until September 1, 2031. In addition to including across‑the‑board sunset provisions, the bill increases from three to five the number of board members, revises member criteria, and requires the board and the State Board of Education to hold an annual joint public meeting to discuss the allocation of the assets of the permanent school fund and the investment of money in the fund.
Senate Bill 608 replaces the cap on the market value of the investments in real estate under statutory provisions governing the use of the real estate special fund account with a certain cap on the market value of the investments made under those provisions for specified purposes. The bill requires the School Land Board's biennial report to the legislature that assesses the direct and indirect economic impact of the investment of funds designated for deposit in the real estate special fund account to include the amounts of all compensation paid by the board to investment managers, consultants, or advisors appointed or organizations contracted with for the investment of such funds or assistance in investing such funds. The bill removes a certain board reporting requirement regarding an assessment of the return and economic impact of investments reported to the legislature.