By:  Brown                                             S.B. No. 112
                                A BILL TO BE ENTITLED
                                       AN ACT
 1-1     relating to investing in the Texas tomorrow fund.
 1-2           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-3           SECTION 1.  Subsection (a), Section 142.004, Property Code,
 1-4     is amended to read as follows:
 1-5           (a)  In a suit in which a minor or incapacitated person who
 1-6     has no legal guardian is represented by a next friend, any money
 1-7     recovered by the plaintiff, if not otherwise managed under this
 1-8     chapter, may be invested:
 1-9                 (1)  by the next friend in:
1-10                       (A)  the Texas tomorrow fund established by
1-11     Subchapter F, Chapter 54, Education Code; or
1-12                       (B)  interest-bearing time deposits in a
1-13     financial institution doing business in this state and insured by
1-14     the F.D.I.C.; or
1-15                 (2)  by the clerk of the court, on written order of the
1-16     court of proper jurisdiction, in:
1-17                       (A)  interest-bearing deposits in a financial
1-18     institution doing business in this state that is insured by the
1-19     Federal Deposit Insurance Corporation;
1-20                       (B)  United States treasury bills;
1-21                       (C)  an eligible interlocal investment pool that
1-22     meets the requirements of Sections 2256.016, 2256.017, and
1-23     2256.019, Government Code; or
1-24                       (D)  a no-load money market mutual fund, if the
 2-1     fund:
 2-2                             (i)  is regulated by the Securities and
 2-3     Exchange Commission;
 2-4                             (ii)  has a dollar weighted average stated
 2-5     maturity of 90 days or fewer; and
 2-6                             (iii)  includes in its investment
 2-7     objectives the maintenance of a stable net asset value of $1 for
 2-8     each share.
 2-9           SECTION 2.  Section 868, Texas Probate Code, is amended by
2-10     adding Subsection (f) to read as follows:
2-11           (f)  If the trustee determines that it is in the best
2-12     interest of the ward, the trustee may invest funds of the trust in
2-13     the Texas tomorrow fund established by Subchapter F, Chapter 54,
2-14     Education Code.
2-15           SECTION 3.  The importance of this legislation and the
2-16     crowded condition of the calendars in both houses create an
2-17     emergency and an imperative public necessity that the
2-18     constitutional rule requiring bills to be read on three several
2-19     days in each house be suspended, and this rule is hereby suspended,
2-20     and that this Act take effect and be in force from and after its
2-21     passage, and it is so enacted.