SRC-AAA H.J.R. 8 75(R)   BILL ANALYSIS


Senate Research Center   H.J.R. 8
By: Stiles (Barrientos)
Finance
4-13-97
Engrossed


DIGEST 

Currently, the Texas Tomorrow Fund's assets are not guaranteed by the
state constitution.  Other investment funds in Texas are guaranteed by the
state constitution.  This bill would extend the state's full faith and
credit to the Texas Tomorrow Fund.  

PURPOSE

As proposed, H.J.R. 8 requires the submission to the voters of a
constitutional amendment regarding extending state's full faith and credit
to the Texas Tomorrow Fund.  

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Article VII, Texas Constitution, by adding Section 19,
as follows: 

Sec. 19. TEXAS TOMORROW FUND.  Creates the Texas Tomorrow Fund (fund).
Provides that the assets of the fund are held in trust for the benefits of
participants.  Sets forth the purpose of the fund.  Sets forth the
financing of benefits under the fund.  Sets forth requirements for
investment of the assets of the fund.  Requires the state comptroller of
public accounts to take actions necessary to implement this section.
Provides that this section controls when in conflict with any other
provision of this constitution. 

SECTION 2. Requires this proposed constitutional amendment to be submitted
to the voters at an election to be held November 4, 1997.  Sets forth the
required language for the ballot.