By Junell H.B. No. 2571
76R5640 AJA-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the amount retained in the lottery pooled bond fund.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 466.156(a), Government Code, is amended
1-5 to read as follows:
1-6 (a) Each sales agent shall post a cash bond, surety bond,
1-7 letter of credit, certificate of deposit, or other security
1-8 approved by the executive director, including the contribution of
1-9 cash to a pooled bond fund established by the executive director to
1-10 protect the state from possible losses. The amount of the security
1-11 shall be determined by the executive director and must reflect the
1-12 possible losses to the state from the operation of the sales agent.
1-13 The total amount retained in a pooled bond fund established under
1-14 this subsection may not exceed $1 million, and the executive
1-15 director may not require a sales agent to make a contribution of
1-16 cash to the fund in an amount that would cause the fund to exceed
1-17 that amount.
1-18 SECTION 2. This Act takes effect September 1, 1999. On that
1-19 date, any amount in the pooled bond fund established under Section
1-20 466.156, Government Code, in excess of the maximum amount allowed
1-21 to be retained in the fund under Section 466.156(a), Government
1-22 Code, as amended by this Act, shall be deposited to the credit of
1-23 the foundation school fund.
1-24 SECTION 3. The importance of this legislation and the
2-1 crowded condition of the calendars in both houses create an
2-2 emergency and an imperative public necessity that the
2-3 constitutional rule requiring bills to be read on three several
2-4 days in each house be suspended, and this rule is hereby suspended.