LEGISLATIVE BUDGET BOARD
                          Austin, Texas

                           FISCAL NOTE
                       74th Regular Session

                          April 7, 1995



 TO:     Honorable Barry Telford, Chair         IN RE: Committee Substitute
         Committee on Pensions & Investments    for
         House of Representatives                              House Bill
         Austin, Texas                          No. 1295










FROM: John Keel, Director

In response to your request for a Fiscal Note on House Bill No.
1295 (Relating to the regulation of certain securities.) this
office has determined the following:

No fiscal implication to the State or units of local government
is anticipated.
    

    







Source:   LBB Staff: JK, RS, RR