By:  Ratliff, Shapiro                                 S.B. No. 1923

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to use of state funds for certain investments.

 1-2           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-3           SECTION 1.  Section 404.024, Government Code, is amended by

 1-4     adding Subsection (j) to read as follows:

 1-5           (j)  The comptroller may not use state funds to invest in or

 1-6     purchase securities, including obligations, of a private

 1-7     corporation or other private business entity that, directly or

 1-8     indirectly through ownership of 10 percent or more of another

 1-9     corporation or business entity, writes, records, produces,

1-10     advertises, markets, sells, or otherwise promotes any song, lyrics,

1-11     or other musical work that explicitly describes, glamorizes, or

1-12     advocates:

1-13                 (1)  acts of criminal violence, including murder,

1-14     assault, assault on peace officers, sexual assault, and robbery;

1-15                 (2)  necrophilia, bestiality, or pedophilia;

1-16                 (3)  illegal use of controlled substances;

1-17                 (4)  criminal street gang activity;

1-18                 (5)  degradation or denigration of females; or

1-19                 (6)  violence against a particular sex, race, or ethnic

1-20     group.

1-21           SECTION 2.  Subchapter B, Chapter 2256, Government Code, is

1-22     amended by adding Section 2256.060 to read as follows:

1-23           Sec. 2256.060.  UNAUTHORIZED INVESTMENT.  The state or an

 2-1     entity of state government, including a department, commission,

 2-2     board, office, or institution of higher education as defined by

 2-3     Section 61.003, Education Code, may not use state funds to invest

 2-4     in or purchase securities, including obligations, of a private

 2-5     corporation or other private business entity that, directly or

 2-6     indirectly through ownership of 10 percent or more of another

 2-7     corporation or business entity, writes, records, produces,

 2-8     advertises, markets, sells, or otherwise promotes any song, lyrics,

 2-9     or other musical work that explicitly describes, glamorizes, or

2-10     advocates:

2-11                 (1)  acts of criminal violence, including murder,

2-12     assault, assault on peace officers, sexual assault, and robbery;

2-13                 (2)  necrophilia, bestiality, or pedophilia;

2-14                 (3)  illegal use of controlled substances;

2-15                 (4)  criminal street gang activity;

2-16                 (5)  degradation or denigration of females; or

2-17                 (6)  violence against a particular sex, race, or ethnic

2-18     group.

2-19           SECTION 3.  Section 845.301, Government Code, is amended by

2-20     adding Subsection (f) to read as follows:

2-21           (f)  The board of trustees may not use state funds to invest

2-22     in or purchase securities, including obligations, of a private

2-23     corporation or other private business entity that, directly or

2-24     indirectly through ownership of 10 percent or more of another

2-25     corporation or business entity, writes, records, produces,

 3-1     advertises, markets, sells, or otherwise promotes any song, lyrics,

 3-2     or other musical work that explicitly describes, glamorizes, or

 3-3     advocates:

 3-4                 (1)  acts of criminal violence, including murder,

 3-5     assault, assault on peace officers, sexual assault, and robbery;

 3-6                 (2)  necrophilia, bestiality, or pedophilia;

 3-7                 (3)  illegal use of controlled substances;

 3-8                 (4)  criminal street gang activity;

 3-9                 (5)  degradation or denigration of females; or

3-10                 (6)  violence against a particular sex, race, or ethnic

3-11     group.

3-12           SECTION 4.  Section 855.302, Government Code, is amended by

3-13     adding Subsection (c) to read as follows:

3-14           (c)  The board may not use state funds to invest in or

3-15     purchase securities, including obligations, of a private

3-16     corporation or other private business entity that, directly or

3-17     indirectly through ownership of 10 percent or more of another

3-18     corporation or business entity, writes, records, produces,

3-19     advertises, markets, sells, or otherwise promotes any song, lyrics,

3-20     or other musical work that explicitly describes, glamorizes, or

3-21     advocates:

3-22                 (1)  acts of criminal violence, including murder,

3-23     assault, assault on peace officers, sexual assault, and robbery;

3-24                 (2)  necrophilia, bestiality, or pedophilia;

3-25                 (3)  illegal use of controlled substances;

 4-1                 (4)  criminal street gang activity;

 4-2                 (5)  degradation or denigration of females; or

 4-3                 (6)  violence against a particular sex, race, or ethnic

 4-4     group.

 4-5           SECTION 5.  A governmental entity or retirement system that

 4-6     owns an investment prohibited by this Act shall divest the

 4-7     investment as soon as is reasonable and practical considering

 4-8     protection of capital, but not later than January 1, 1999.

 4-9           SECTION 6.  The importance of this legislation and the

4-10     crowded condition of the calendars in both houses create an

4-11     emergency and an imperative public necessity that the

4-12     constitutional rule requiring bills to be read on three several

4-13     days in each house be suspended, and this rule is hereby suspended.