SRC-PNG S.B. 805 76(R)BILL ANALYSIS


Senate Research CenterS.B. 805
By: Ellis
Finance
6/21/1999
Enrolled


DIGEST 

Currently, the comptroller of public accounts (comptroller) does not have
the same investment authority and options over the higher education fund as
the University of Texas board of regents has over the permanent university
fund.  This bill grants certain investment authority to the comptroller
over the higher education fund. 

PURPOSE

As enrolled, S.B. 805 grants certain investment authority to the
comptroller of public accounts over the higher education 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 Section 62.026(d), Education Code, to require the
comptroller of public accounts (comptroller) to administer and invest the
higher education fund.  Grants the comptroller the same investment
authority provided under Sections 11a and 11b, Article VII, Texas
Constitution, or other law to the board of regents of the University of
Texas System with respect to the investment of the permanent university
fund.  Provides that the authority granted to the comptroller under this
subsection is in addition to that provided by Section 404.024, Government
Code, or other law. 

SECTION 2. Emergency clause.
  Effective date: upon passage.