HBA-SEB H.B. 3009 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3009 By: Greenberg Pensions and Investments 4/19/1999 Introduced BACKGROUND AND PURPOSE H.B. 3009 provides that all state agencies and local governments are subject to the application of Chapter 2256, Government Code (Public Funds Investment), unless otherwise exempt. This bill requires an entity subject to that chapter to meet its requirements applicable to the investment of all funds held or invested by the entity, investment standards, including the use of nationally recognized rating services for investments, accounting standards for financial statements, compliance audits unless otherwise exempt, and other practices and procedures advisable to ensure prudent investment and accountability. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Provides that all state agencies and local governments are subject to the application of Chapter 2256, Government Code (Public Funds Investment), unless otherwise exempt. Requires an entity subject to that chapter to meet its requirements applicable to the investment of all funds held or invested by the entity, investment standards, including the use of nationally recognized rating services for investments, accounting standards for financial statements, compliance audits unless otherwise exempt, and other practices and procedures advisable to ensure prudent investment and accountability. SECTION 2.Emergency clause. Effective date: upon passage.