By: Turner, B. S.B. No. 384
73R4748 LJD-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the management and control of state finances and
1-3 generating additional revenue in connection with the unclaimed
1-4 money fund.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 ARTICLE 1. MANAGEMENT AND CONTROL OF CERTAIN STATE FUNDS
1-7 SECTION 1.01. Subsections (g) and (h), Section 17, Texas
1-8 Pharmacy Act (Article 4542a-1, Vernon's Texas Civil Statutes), are
1-9 amended to read as follows:
1-10 (g) Revenue, other than fines, collected under this Act
1-11 shall be deposited to the credit of the state pharmacy account in
1-12 the general revenue fund in <constitutes a fund outside> the state
1-13 treasury. Expenses <from which the expenses> of administering this
1-14 Act shall be <are> paid out of the state pharmacy account. Money
1-15 in the account <fund> may not be expended except pursuant to
1-16 specific legislative appropriation in the General Appropriations
1-17 Act. <An appropriation is not required for the investment of the
1-18 fund by the board and for payment of customary fees or charges in
1-19 connection with the investment.> Investment income shall be
1-20 deposited in the account <fund>. The fines collected under this
1-21 Act shall be deposited to the credit of the general revenue fund
1-22 and may not be used for the administration of this Act. The board
1-23 shall defray all expenses under this Act from fees provided in this
1-24 Act, and the State of Texas shall never be liable for the
2-1 compensation or expenses of any member of the board, or its
2-2 officers or employees, or any other expenses thereof. The board's
2-3 books and records are subject to audit by the state auditor in
2-4 accordance with Chapter 321, Government Code.
2-5 (h) The board may receive and expend funds, in addition to
2-6 funds collected under Subsection (g) of this section, from parties
2-7 other than the state in accordance with state law. Funds received
2-8 shall be deposited to the credit of the state pharmacy account in
2-9 the general revenue fund.
2-10 SECTION 1.02. Subsection (i), Section 27A, Texas Pharmacy
2-11 Act (Article 4542a-1, Vernon's Texas Civil Statutes), is amended to
2-12 read as follows:
2-13 (i) Funds and surcharges collected under this section shall
2-14 be deposited in the account <fund> created under Subsection (g) of
2-15 Section 17 of this Act, and may be used by the board to administer
2-16 the program authorized by this section, including the provision of
2-17 initial evaluation and referral services of a qualified health
2-18 professional to an impaired pharmacist or pharmacy student and to
2-19 pay the administrative costs incurred by the board in connection
2-20 with that funding, but not for costs incurred for treatment or
2-21 rehabilitation subsequent to such initial evaluation and referral
2-22 services.
2-23 SECTION 1.03. Subsection (k), Section 2.09, Medical Practice
2-24 Act (Article 4495b, Vernon's Texas Civil Statutes), is amended to
2-25 read as follows:
2-26 (k) The board shall establish by rule a reasonable charge
2-27 for those fees not specifically determined but authorized by this
3-1 Act. The board may not waive collection of any fee or penalty.
3-2 The board shall place all fees received under authority of this
3-3 Act, not otherwise specified, into the medical licensing fund in
3-4 the state treasury. The board is authorized and shall by annual
3-5 budget determine the manner of handling the funds and the purpose,
3-6 consistent with this Act, for which the same may be used. The
3-7 budgeted expenses authorized by the board shall be paid out of
3-8 funds received by the board and are not <be> a charge upon the
3-9 general revenue of the state <nor paid from the general revenue>.
3-10 SECTION 1.04. Subchapter B, Medical Practice Act (Article
3-11 4495b, Vernon's Texas Civil Statutes), is amended by adding Section
3-12 2.10 to read as follows:
3-13 Sec. 2.10. CREATION OF FUNDS. (a) The medical licensing
3-14 fund is created as an account in the general revenue fund. Unless
3-15 otherwise provided by this Act, all fees, charges, and penalties,
3-16 other than registration fees, received by the board shall be
3-17 deposited in the state treasury to the credit of the medical
3-18 licensing fund.
3-19 (b) The medical registration fund is created as an account
3-20 in the general revenue fund. All registration fees received under
3-21 this Act shall be deposited in the state treasury to the credit of
3-22 the medical registration fund.
3-23 SECTION 1.05. Section 771.051, Health and Safety Code, is
3-24 amended to read as follows:
3-25 Sec. 771.051. Powers and Duties of Advisory Commission. (a)
3-26 The advisory commission shall:
3-27 (1) administer the implementation of statewide 9-1-1
4-1 service;
4-2 (2) develop minimum performance standards for
4-3 equipment and operation of 9-1-1 service to be followed in
4-4 developing regional plans under Section 771.055, including
4-5 requirements that the plans provide for:
4-6 (A) automatic number identification by which the
4-7 telephone number of the caller is automatically identified at the
4-8 public safety answering point receiving the call; and
4-9 (B) other features the commission considers
4-10 appropriate;
4-11 (3) examine and approve or disapprove regional plans
4-12 as provided by Section 771.056;
4-13 (4) recommend minimum training standards and provide
4-14 assistance in the establishment and operation of 9-1-1 service; and
4-15 (5) allocate money to prepare and operate regional
4-16 plans as provided by Section 771.056.
4-17 (b) The advisory commission shall comply with state laws
4-18 requiring state agencies, boards, or commissions generally to
4-19 submit appropriations requests to the Legislative Budget Board and
4-20 the governor and to develop a strategic plan for operations.
4-21 SECTION 1.06. Subsection (e), Section 771.072, Health and
4-22 Safety Code, is amended to read as follows:
4-23 (e) The advisory commission shall deposit <manage> the
4-24 surcharges in an account in the general revenue fund in <outside>
4-25 the state treasury until they are allocated to regional planning
4-26 commissions. From that account, <The advisory commission may
4-27 retain from the surcharges> the amount necessary for the commission
5-1 to carry out its duties under this chapter shall be appropriated to
5-2 the commission.
5-3 SECTION 1.07. Section 403.096, Government Code, is amended
5-4 by adding Subsection (i) to read as follows:
5-5 (i) In addition to other information included in its report
5-6 under this section, the committee shall review funds held outside
5-7 the state treasury by state agencies and institutions of higher
5-8 education and make recommendations on the disposition of those
5-9 funds. Recommendations to the 74th Legislature shall include an
5-10 analysis of the use of funds held outside the state treasury and
5-11 the advisability of moving those funds into the treasury. As part
5-12 of the report, the committee should propose guidelines that could
5-13 be used in determining when funds should be held locally in bank
5-14 accounts and when funds should be deposited in the state treasury.
5-15 This subsection expires September 1, 1995.
5-16 SECTION 1.08. This article takes effect immediately, except
5-17 that Sections 1.01, 1.02, 1.03, 1.04, and 1.06 of this article take
5-18 effect August 31, 1994.
5-19 ARTICLE 2. OFFICE OF DEBT MANAGEMENT
5-20 SECTION 2.01. Section 1, Texas Public Finance Authority Act
5-21 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
5-22 as follows:
5-23 Sec. 1. Short Title. This Act may be cited as the Texas
5-24 Debt Management <Public Finance Authority> Act.
5-25 SECTION 2.02. Section 1A, Texas Public Finance Authority Act
5-26 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
5-27 as follows:
6-1 Sec. 1A. Definitions. In this Act:
6-2 (1) "Authority" means the Office of Debt Management
6-3 <Texas Public Finance Authority>.
6-4 (2) "Board" means the governing board of <directors
6-5 of> the authority.
6-6 (3) "Building" means the physical structure used by a
6-7 state agency to conduct official state business and the major
6-8 equipment or personal property that is functionally related to the
6-9 physical structure.
6-10 (4) "Commission" means the <State Purchasing and>
6-11 General Services Commission.
6-12 (5) "Computer equipment" means telecommunications
6-13 devices or systems, automated information systems, the computers on
6-14 which information systems are automated, and computer software.
6-15 (6) "Construction" means the erection, improvement,
6-16 repair, renovation, and remodeling of a building.
6-17 (7) "Equipment" means fixed assets, other than land or
6-18 buildings, used by a state agency to conduct official state
6-19 business. The term includes computer equipment.
6-20 (8) "Obligations" means bonds, notes, certificates of
6-21 participation, certificates of obligation, and interests in
6-22 contracts.
6-23 (9) "State agency" means a board, commission,
6-24 department, office, agency, institution of higher education, or
6-25 other governmental entity in the executive, judicial, or
6-26 legislative branch of state government.
6-27 SECTION 2.03. Section 8, Texas Public Finance Authority Act
7-1 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
7-2 as follows:
7-3 Sec. 8. STAFF; CONSULTANTS; CONTRACTS WITH BOND
7-4 PROFESSIONALS. (a) The board shall employ persons and contract
7-5 with consultants as necessary for the board to perform its
7-6 functions. Employees of the board are considered to be state
7-7 employees.
7-8 (b) The board may contract with bond professionals to
7-9 perform legal and financial services necessary to issue and sell
7-10 bonds if the board determines the contracts would be cost
7-11 effective. The board may also enter into one-year state contracts
7-12 with teams of bond professionals.
7-13 (c) To achieve certain cost efficiencies, the board shall
7-14 develop standard criteria for the selection of contracted bond
7-15 professionals.
7-16 SECTION 2.04. Section 9B, Texas Public Finance Authority Act
7-17 (Article 601d, Vernon's Texas Civil Statutes), is amended to read
7-18 as follows:
7-19 Sec. 9B. Authority to act as issuer. (a) With respect to
7-20 all bonds authorized to be issued by the Texas National Guard
7-21 Armory Board, Texas National Research Laboratory Commission, Parks
7-22 and Wildlife Department, and all institutions of higher education
7-23 authorized to issue bonds under Chapter 55, Education Code, or
7-24 Article VII, Section 17, of the Texas Constitution, the authority
7-25 has the exclusive authority to act on behalf of those entities in
7-26 issuing bonds on their behalf. In connection with those issuances
7-27 and with the issuance of refunding bonds on behalf of those
8-1 entities, the authority is subject to all rights, duties, and
8-2 conditions surrounding issuance previously applicable to the
8-3 issuing entity under the statute authorizing the issuance. All
8-4 references in an authorizing statute to the entity on whose behalf
8-5 the bonds are being issued apply equally to the authority in its
8-6 capacity as issuer on behalf of the entity.
8-7 (b) This section does not apply to The University of Texas
8-8 System, The Texas A&M University System, or a component of those
8-9 systems, <to an institution of higher education authorized to issue
8-10 bonds under Article VII, Section 17, of the Texas Constitution,> or
8-11 to bonds authorized to be issued by any of those systems or<,>
8-12 components<, or institutions>.
8-13 (c) The authority may issue bonds and notes for the benefit
8-14 of an institution of higher education eligible to issue bonds under
8-15 Article VII, Section 17, of the Texas Constitution, and pledge
8-16 money collected from the bonds and notes only as directed by the
8-17 governing board of the eligible institution.
8-18 (d) The board may charge a fee to state agencies and
8-19 institutions of higher education for services performed under this
8-20 Act.
8-21 SECTION 2.05. Subsections (a) and (c), Section 10A, Texas
8-22 Public Finance Authority Act (Article 601d, Vernon's Texas Civil
8-23 Statutes), as added by Chapter 896, Acts of the 71st Legislature,
8-24 Regular Session, 1989, are amended to read as follows:
8-25 (a) Before <When the authority submits its application for>
8-26 approval of a bond issue, <to> the <bond review> board shall
8-27 require<,> the agency or institution that will use the project to
9-1 be financed by the bonds to <shall> submit to the <bond review>
9-2 board a project analysis of the project. This section shall not
9-3 apply to Texas Department of Correction's minor renovation, repair,
9-4 or construction projects as defined by the department in
9-5 cooperation with the <State Purchasing and> General Services
9-6 Commission.
9-7 (c) The <bond review> board may not approve the bond issue
9-8 unless a project analysis is submitted as provided by this section.
9-9 SECTION 2.06. Section 10B, Texas Public Finance Authority
9-10 Act (Article 601d, Vernon's Texas Civil Statutes), is amended to
9-11 read as follows:
9-12 Sec. 10B. REFUNDING OR REFINANCING; RATIFICATION OF CERTAIN
9-13 PROJECTS <BOND REVIEW BOARD APPROVAL>. (a) <The authority may not
9-14 issue bonds or obligations until the Bond Review Board has approved
9-15 the issuance under the provisions of Chapter 1078, Acts of the 70th
9-16 Legislature, Regular Session, 1987 (Article 717k-7, Vernon's Texas
9-17 Civil Statutes).> Bonds and obligations issued under this Act <by
9-18 the authority> may be refunded or refinanced as determined by the
9-19 board <and approved by the Bond Review Board>.
9-20 (b) The projects authorized in Chapter 700, Acts of the 68th
9-21 Legislature, Regular Session, 1983, are ratified and confirmed.
9-22 SECTION 2.07. Section 13, Texas Public Finance Authority Act
9-23 (Article 601d, Vernon's Texas Civil Statutes), is amended by adding
9-24 Subsection (c) to read as follows:
9-25 (c) This section does not apply to bonds issued by an
9-26 institution of higher education under Article VII, Section 17, of
9-27 the Texas Constitution.
10-1 SECTION 2.08. Subsection (b), Section 17, Texas Public
10-2 Finance Authority Act (Article 601d, Vernon's Texas Civil
10-3 Statutes), is amended to read as follows:
10-4 (b) The board may refund its revenue bonds and obligations
10-5 as provided by the general laws of the state for revenue bonds.
10-6 SECTION 2.09. Section 1, Chapter 696, Acts of the 70th
10-7 Legislature, Regular Session, 1987 (Article 601d-1, Vernon's Texas
10-8 Civil Statutes), is amended to read as follows:
10-9 Sec. 1. Definitions. In this Act:
10-10 (1) "Authority" means the Office of Debt Management
10-11 <Texas Public Building Authority>.
10-12 (2) "Board" or "review <means the board of directors
10-13 of the authority.>
10-14 <(3) "Review> board" means the governing board of the
10-15 Office of Debt Management <bond review board>.
10-16 SECTION 2.10. Subsection (a), Section 2, Chapter 696, Acts
10-17 of the 70th Legislature, Regular Session, 1987 (Article 601d-1,
10-18 Vernon's Texas Civil Statutes), is amended to read as follows:
10-19 (a) The <bond review> board is composed of:
10-20 (1) the governor;
10-21 (2) the lieutenant governor;
10-22 (3) the speaker of the house of representatives;
10-23 (4) the State Treasurer; and
10-24 (5) the comptroller of public accounts.
10-25 SECTION 2.11. Subsection (g), Section 5, Chapter 696, Acts
10-26 of the 70th Legislature, Regular Session, 1987 (Article 601d-1,
10-27 Vernon's Texas Civil Statutes), is amended to read as follows:
11-1 (g) Bonds issued under this section are subject to Sections
11-2 13, 14, 15, and 16, Texas Debt Management <Public Building
11-3 Authority> Act (Article 601d, Vernon's Texas Civil Statutes).
11-4 SECTION 2.12. Section 10, Chapter 696, Acts of the 70th
11-5 Legislature, Regular Session, 1987 (Article 601d-1, Vernon's Texas
11-6 Civil Statutes), is amended to read as follows:
11-7 Sec. 10. Authorization. Before the authority may issue and
11-8 sell bonds under this Act, the legislature by law must have
11-9 authorized the specific projects in this Act, the General
11-10 Appropriations Act, or the Texas Debt Management <Public Building
11-11 Authority> Act (Article 601d, Vernon's Texas Civil Statutes).
11-12 SECTION 2.13. Section 1, Chapter 1078, Acts of the 70th
11-13 Legislature, Regular Session, 1987 (Article 717k-7, Vernon's Texas
11-14 Civil Statutes), is amended to read as follows:
11-15 Sec. 1. Definitions. In this Act:
11-16 (1) "Board" means the governing board of the office
11-17 <bond review board>.
11-18 (2) "Office" means the Office of Debt Management <bond
11-19 finance office>.
11-20 (3) "State bond" means:
11-21 (A) a bond or other obligation issued by:
11-22 (i) a state agency;
11-23 (ii) an entity expressly created by
11-24 statute and having statewide jurisdiction; or
11-25 (iii) any other entity issuing a bond or
11-26 other obligation on behalf of the state or on behalf of an entity
11-27 listed in Paragraph (i) or (ii) of this subdivision; or
12-1 (B) an installment sale or lease-purchase
12-2 obligation issued by or on behalf of an entity listed in Paragraph
12-3 (i), (ii), or (iii) of this subdivision that has a stated term of
12-4 longer than five years or has an initial principal amount of
12-5 greater than $250,000.
12-6 SECTION 2.14. Section 2, Chapter 1078, Acts of the 70th
12-7 Legislature, Regular Session, 1987 (Article 717k-7, Vernon's Texas
12-8 Civil Statutes), is amended to read as follows:
12-9 Sec. 2. <BOND REVIEW> BOARD MEMBER DESIGNATION. <(a) The
12-10 bond review board is composed of:>
12-11 <(1) the governor;>
12-12 <(2) the lieutenant governor;>
12-13 <(3) the speaker of the house of representatives;>
12-14 <(4) the state treasurer; and>
12-15 <(5) the comptroller of public accounts.>
12-16 <(b)> A member of the board may designate another person to
12-17 act on the member's behalf.
12-18 <(c) The governor is chairman of the board.>
12-19 <(d) If the speaker of the house of representatives is not
12-20 permitted by the Texas Constitution to serve as a voting member of
12-21 the board, the speaker of the house of representatives serves as a
12-22 nonvoting member of the board.>
12-23 SECTION 2.15. Section 4, Chapter 1078, Acts of the 70th
12-24 Legislature, Regular Session, 1987 (Article 717k-7, Vernon's Texas
12-25 Civil Statutes), is amended to read as follows:
12-26 Sec. 4. <BOND FINANCE> OFFICE DIRECTOR AND STAFF. The <bond
12-27 finance> office is managed by a director appointed by the <bond
13-1 review> board and a staff selected by the director. Whenever
13-2 practical, the office shall make use of the resources of the
13-3 Legislative Budget Board and the offices of the governor,
13-4 comptroller, and treasurer.
13-5 SECTION 2.16. Subsection (b), Section 8, Chapter 1078, Acts
13-6 of the 70th Legislature, Regular Session, 1987 (Article 717k-7,
13-7 Vernon's Texas Civil Statutes), is amended to read as follows:
13-8 (b) For purposes of this section, "state debt payable from
13-9 the general revenue fund" means general obligation and revenue
13-10 bonds, including authorized but unissued bonds, and lease-purchase
13-11 agreements in an amount greater than $250,000, which bonds or lease
13-12 purchase agreements are designed to be repaid with the general
13-13 revenues of the state. The term does not include bonds that,
13-14 although backed by the full faith or credit of the state, are
13-15 reasonably expected to be paid from other revenue sources and that
13-16 are not expected to create a general revenue draw. Bonds or lease
13-17 purchase agreements that pledge the full faith and credit of the
13-18 state will be considered to be reasonably expected to be paid from
13-19 other revenue sources if they are designed to receive revenues
13-20 other than state general revenues sufficient to cover their debt
13-21 service over the life of the bonds or agreement. In the event such
13-22 bonds or agreement, or any portion thereof, subsequently requires
13-23 use of the state's general revenue for payment, the bonds or
13-24 agreement, or such portion thereof, will be considered to be a
13-25 "state debt payable from the general revenue fund" within the
13-26 definition of this section, until one of the following events
13-27 occurs:
14-1 (1) the bonds or agreement are backed by insurance or
14-2 other form of guarantee that will ensure payment from other than
14-3 general revenue; or
14-4 (2) the issuer demonstrates to the satisfaction of the
14-5 <bond review> board that the bonds will no longer require a general
14-6 revenue draw, and the <bond review> board so certifies to the
14-7 Legislative Budget Board.
14-8 SECTION 2.17. (a) Sections 3, 4, 5, 6, 7, 21, 31, and 32,
14-9 Texas Public Finance Authority Act (Article 601d, Vernon's Texas
14-10 Civil Statutes), are repealed.
14-11 (b) Subsection (b), Section 7, Chapter 1078, Acts of the
14-12 70th Legislature, Regular Session, 1987 (Article 717k-7, Vernon's
14-13 Texas Civil Statutes), is repealed.
14-14 SECTION 2.18. (a) A statutory reference to the Texas Public
14-15 Finance Authority means the Office of Debt Management. A statutory
14-16 reference to the board of directors of the Texas Public Finance
14-17 Authority means the governing board of the Office of Debt
14-18 Management.
14-19 (b) A statutory reference to the Bond Review Board means the
14-20 governing board of the Office of Debt Management.
14-21 (c) A statutory reference to the Texas Public Finance
14-22 Authority Act (Article 601d, Vernon's Texas Civil Statutes) means
14-23 the Texas Debt Management Act (Article 601d, Vernon's Texas Civil
14-24 Statutes).
14-25 SECTION 2.19. (a) On the effective date of this article,
14-26 all functions of the Texas Public Finance Authority and the Bond
14-27 Review Board are transferred to the Office of Debt Management. The
15-1 Texas Public Finance Authority and the Bond Review Board shall
15-2 coordinate the transfer of administration to the Office of Debt
15-3 Management as soon as practicable on or after the effective date of
15-4 this article.
15-5 (b) The transfer required by Subsection (a) of this section
15-6 includes all assets, obligations, and liabilities of any kind,
15-7 including all contracts, leases, real or personal property,
15-8 furniture, computers, and other equipment, files, and related
15-9 material of the Texas Public Finance Authority or the Bond Review
15-10 Board.
15-11 (c) The staffs of the Texas Public Finance Authority and the
15-12 Bond Review Board are transferred to the Office of Debt Management.
15-13 (d) Appropriations made to the Bond Review Board are
15-14 transferred to the Office of Debt Management. Appropriations made
15-15 to the Texas Public Finance Authority for debt service are
15-16 transferred to the Office of Debt Management. The legislature
15-17 shall appropriate additional amounts as necessary for the office to
15-18 perform its statutory functions.
15-19 (e) Out of the funds allocated to eligible institutions of
15-20 higher education under Article VII, Section 17, of the Texas
15-21 Constitution, the comptroller shall transfer to the Office of Debt
15-22 Management amounts necessary to pay debt service on bonds and notes
15-23 issued on behalf of the respective institutions.
15-24 SECTION 2.20. This article does not rededicate or
15-25 reestablish a fund or source of funding that has been abolished,
15-26 merged, or grouped with other funds under Section 403.094,
15-27 Government Code.
16-1 SECTION 2.21. This article takes effect September 1, 1993.
16-2 ARTICLE 3. FUND BALANCES--BONDS
16-3 SECTION 3.01. Section 4, Chapter 696, Acts of the 70th
16-4 Legislature, Regular Session, 1987 (Article 601d-1, Vernon's Texas
16-5 Civil Statutes), is amended by adding Subsection (f) to read as
16-6 follows:
16-7 (f) The authority shall provide an accurate estimate of
16-8 interest and sinking fund balances available for payment of debt
16-9 service on general obligation bonds to the Legislative Budget Board
16-10 and the Governor's Office of Budget and Planning not later than
16-11 January 1 of each odd-numbered year.
16-12 SECTION 3.02. This article takes effect immediately.
16-13 ARTICLE 4. UNCLAIMED MONEY FUND
16-14 SECTION 4.01. Section 74.201, Property Code, is amended by
16-15 adding Subsection (d) to read as follows:
16-16 (d) The State Treasurer may offer for sale space for
16-17 suitable advertisements in a notice published under this section.
16-18 Proceeds from the sale of the advertising space shall be used to
16-19 defray the cost of publishing the notices, with the remaining
16-20 amount, if any, to be deposited to the credit of the unclaimed
16-21 money fund.
16-22 SECTION 4.02. Section 74.505(c), Property Code, is amended
16-23 to read as follows:
16-24 (c) Costs of publication and postage shall be deducted from
16-25 the amounts paid under this section, but deductions for any costs
16-26 of administration or service charges may not be made, except as
16-27 provided by Section 74.509.
17-1 SECTION 4.03. Subchapter F, Chapter 74, Property Code, is
17-2 amended by adding Section 74.509 to read as follows:
17-3 Sec. 74.509. HANDLING FEE FOR PROCESSING UNCLAIMED PROPERTY.
17-4 The State Treasurer shall charge a person claiming unclaimed
17-5 property a handling fee if ownership of the property is reinstated
17-6 and the value of the property is $50 or more.
17-7 SECTION 4.04. Section 74.601(d), Property Code, is amended
17-8 to read as follows:
17-9 (d) Notwithstanding Section 404.024, Government Code, the
17-10 <The> State Treasurer shall from time to time invest the amount in
17-11 the unclaimed money fund that exceeds $50,000 in investments that
17-12 persons of ordinary prudence, discretion, and intelligence, in
17-13 exercising the judgment and care under the circumstances then
17-14 prevailing, acquire or retain for their own account in the
17-15 management of their affairs, not in regard to speculation but in
17-16 regard to the permanent disposition of their funds, considering the
17-17 probable income as well as the probable safety of their capital
17-18 <approved by law for the investment of state funds>.
17-19 SECTION 4.05. This article takes effect September 1, 1993.
17-20 ARTICLE 5. EMERGENCY
17-21 SECTION 5.01. The importance of this legislation and the
17-22 crowded condition of the calendars in both houses create an
17-23 emergency and an imperative public necessity that the
17-24 constitutional rule requiring bills to be read on three several
17-25 days in each house be suspended, and this rule is hereby suspended,
17-26 and that this Act take effect and be in force according to its
17-27 terms, and it is so enacted.