By Ratliff S.B. No. 1923
75R9874 RJA-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to use of state funds for certain investments.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 404.024, Government Code, is amended by
1-5 adding Subsection (j) to read as follows:
1-6 (j) The comptroller may not use state funds to invest in or
1-7 purchase securities, including obligations, of a private
1-8 corporation or other private business entity that directly or
1-9 indirectly through ownership of 10 percent or more of another
1-10 corporation or business entity, writes, records, produces,
1-11 advertises, markets, sells, or otherwise promotes any song, lyrics,
1-12 or other musical work that explicitly describes, glamorizes, or
1-13 advocates:
1-14 (1) acts of criminal violence, including murder,
1-15 assault, assault on peace officers, sexual assault, and robbery;
1-16 (2) necrophilia, bestiality, or pedophilia;
1-17 (3) illegal use of controlled substances;
1-18 (4) criminal street gang activity;
1-19 (5) degradation or denigration of females; or
1-20 (6) violence against a particular sex, race, or ethnic
1-21 group.
1-22 SECTION 2. Subchapter B, Chapter 2256, Government Code, is
1-23 amended by adding Section 2256.060 to read as follows:
1-24 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 may not use state funds to invest in or
2-22 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,
2-26 advertises, markets, sells, or otherwise promotes any song, lyrics,
2-27 or other musical work that explicitly describes, glamorizes, or
3-1 advocates:
3-2 (1) acts of criminal violence, including murder,
3-3 assault, assault on peace officers, sexual assault, and robbery;
3-4 (2) necrophilia, bestiality, or pedophilia;
3-5 (3) illegal use of controlled substances;
3-6 (4) criminal street gang activity;
3-7 (5) degradation or denigration of females; or
3-8 (6) violence against a particular sex, race, or ethnic
3-9 group.
3-10 SECTION 4. Section 855.302, Government Code, is amended by
3-11 adding Subsection (c) to read as follows:
3-12 (c) The board may not use state funds to invest in or
3-13 purchase securities, including obligations, of a private
3-14 corporation or other private business entity that directly or
3-15 indirectly through ownership of 10 percent or more of another
3-16 corporation or business entity, writes, records, produces,
3-17 advertises, markets, sells, or otherwise promotes any song, lyrics,
3-18 or other musical work that explicitly describes, glamorizes, or
3-19 advocates:
3-20 (1) acts of criminal violence, including murder,
3-21 assault, assault on peace officers, sexual assault, and robbery;
3-22 (2) necrophilia, bestiality, or pedophilia;
3-23 (3) illegal use of controlled substances;
3-24 (4) criminal street gang activity;
3-25 (5) degradation or denigration of females; or
3-26 (6) violence against a particular sex, race, or ethnic
3-27 group.
4-1 SECTION 5. A governmental entity or retirement system that
4-2 owns an investment prohibited by this Act shall divest the
4-3 investment as soon as is reasonable and practical considering
4-4 protection of capital, but not later than January 1, 1999.
4-5 SECTION 6. The importance of this legislation and the
4-6 crowded condition of the calendars in both houses create an
4-7 emergency and an imperative public necessity that the
4-8 constitutional rule requiring bills to be read on three several
4-9 days in each house be suspended, and this rule is hereby suspended.