By Hirschi                                            H.C.R. No. 91
                              HOUSE CONCURRENT RESOLUTION
    1-1        WHEREAS, The Permanent University Fund, Permanent School
    1-2  Fund, Teacher Retirement System of Texas, and Employees Retirement
    1-3  System of Texas hold in the aggregate a substantial amount of
    1-4  public funds for investment; and
    1-5        WHEREAS, Their fiduciary responsibilities are shaped in part
    1-6  by constitutional and legal directives designed to encourage
    1-7  investment prudence yet also yield a healthy rate of return on
    1-8  behalf of Texas students, teachers, and state employees; and
    1-9        WHEREAS, An additional issue appropriately of interest
   1-10  regarding these four entities is the contribution of their
   1-11  investments to the prosperity of Texas's economy and the
   1-12  maintenance and advancement of the state's public and private
   1-13  infrastructure; and
   1-14        WHEREAS, In view of these considerations, it is appropriate
   1-15  that the legislature conduct a special study of these funds and
   1-16  retirement systems focusing on the past and present extent of their
   1-17  collective Texas investment; now, therefore, be it
   1-18        RESOLVED, That the 72nd Legislature of the State of Texas,
   1-19  1st Called Session, hereby request the lieutenant governor and
   1-20  speaker of the house of representatives to create a joint interim
   1-21  committee to determine the current and historical amount of
   1-22  investment in Texas-based investment instruments by the Permanent
   1-23  University Fund, Permanent School Fund, Teacher Retirement Fund,
    2-1  Teacher Retirement System of Texas, and Employees Retirement System
    2-2  of Texas; and, be it further
    2-3        RESOLVED, That the committee establish for the study
    2-4  definitional criteria describing Texas-based investment, and from
    2-5  its examination of investment practices determine a reasonable
    2-6  minimum for investment in Texas-based instruments and an optimal
    2-7  percentage for that investment by available investment category;
    2-8  and, be it further
    2-9        RESOLVED, That the committee report its findings and its
   2-10  recommendations concerning such investment practices to the 74th
   2-11  Legislature when it convenes in January 1995; and, be it further
   2-12        RESOLVED, That the committee's operations and procedures be
   2-13  governed by such rules and policies as are established by the
   2-14  pursuant to Senate Concurrent Resolution 62, 72nd Legislature
   2-15  Regular Session.