By Greenberg                                          H.B. No. 3009
         76R9161 GCH-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to investments, accounting standards, and audits under the
 1-3     Public Funds Investment Act.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  All state agencies and local governments are
 1-6     subject to the application of Chapter 2256, Government Code, unless
 1-7     otherwise exempt.  An entity subject to Chapter 2256, Government
 1-8     Code, is required to meet requirements of that chapter applicable
 1-9     to:
1-10                 (1)  the investment of all funds held or invested by
1-11     the entity;
1-12                 (2)  investment standards, including the use of
1-13     nationally recognized rating services for investments;
1-14                 (3)  accounting standards for financial statements;
1-15                 (4)  compliance audits, unless otherwise exempt; and
1-16                 (5)  other practices and procedures advisable to ensure
1-17     prudent investment and accountability.
1-18           SECTION 2.  The importance of this legislation and the
1-19     crowded condition of the calendars in both houses create an
1-20     emergency and an imperative public necessity that the
1-21     constitutional rule requiring bills to be read on three several
1-22     days in each house be suspended, and this rule is hereby suspended,
1-23     and that this Act take effect and be in force from and after its
1-24     passage, and it is so enacted.