R E S O L U T I O N 1-1 BE IT RESOLVED by the House of Representatives of the State 1-2 of Texas, 76th Legislature, Regular Session, 1999, That House Rule 1-3 13, Section 9(a), be suspended in part as provided by House Rule 1-4 13, Section 9(f), to enable the conference committee appointed to 1-5 resolve the differences on Senate Bill No. 1129 to consider and 1-6 take action on the following specific matter: 1-7 House Rule 13, Section 9(a)(4), is suspended to permit the 1-8 committee to add a new section to the bill to read as follows: 1-9 SECTION ____. Subsections (a) and (c), Section 845.301, 1-10 Government Code, are amended to read as follows: 1-11 (a) The assets of the retirement system shall be invested 1-12 and reinvested without distinction as to their source in accordance 1-13 with Section 67, Article XVI, Texas Constitution. For purposes of 1-14 the investment authority of the board of trustees under Section 67, 1-15 Article XVI, Texas Constitution, "securities" means any investment 1-16 instrument within the meaning of the term as defined by Section 4, 1-17 The Securities Act (Article 581-4, Vernon's Texas Civil Statutes), 1-18 15 U.S.C. Section 77b(a)(1), or 15 U.S.C. Section 78c(a)(10). 1-19 Investment decisions are subject to the standard provided in the 1-20 Texas Trust Code by Section 113.056(a), Property Code. 1-21 (c) The board of trustees, acting on the recommendations of 1-22 the investment officer, may contract with private professional 1-23 investment managers to assist in investing the assets of the 1-24 retirement system. The board of trustees also has the authority 2-1 set forth in Section 802.204 to appoint investment managers for the 2-2 retirement system, with the effect described by Section 802.203(c). 2-3 Explanation: This addition is necessary to clarify current 2-4 law. Kuempel _______________________________ Speaker of the House I certify that H.R. No. 985 was adopted by the House on May 19, 1999, by a non-record vote. _______________________________ Chief Clerk of the House