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.  Section 142.004, Property Code, is amended by
 1-4     amending Subsection (a) and adding Subsection (e) to read as
 1-5     follows:
 1-6           (a)  In a suit in which a minor or incapacitated person who
 1-7     has no legal guardian is represented by a next friend, any money
 1-8     recovered by the plaintiff, if not otherwise managed under this
 1-9     chapter, may be invested:
1-10                 (1)  by the next friend in:
1-11                       (A)  the Texas tomorrow fund established by
1-12     Subchapter F, Chapter 54, Education Code; or
1-13                       (B)  interest-bearing time deposits in a
1-14     financial institution doing business in this state and insured by
1-15     the F.D.I.C.; or
1-16                 (2)  by the clerk of the court, on written order of the
1-17     court of proper jurisdiction, in:
1-18                       (A)  interest-bearing deposits in a financial
1-19     institution doing business in this state that is insured by the
1-20     Federal Deposit Insurance Corporation;
1-21                       (B)  United States treasury bills;
1-22                       (C)  an eligible interlocal investment pool that
1-23     meets the requirements of Sections 2256.016, 2256.017, and
1-24     2256.019, Government Code; [or]
 2-1                       (D)  a no-load money market mutual fund, if the
 2-2     fund:
 2-3                             (i)  is regulated by the Securities and
 2-4     Exchange Commission;
 2-5                             (ii)  has a dollar weighted average stated
 2-6     maturity of 90 days or fewer; and
 2-7                             (iii)  includes in its investment
 2-8     objectives the maintenance of a stable net asset value of $1 for
 2-9     each share; or
2-10                       (E)  the Texas tomorrow fund established by
2-11     Subchapter F, Chapter 54, Education Code.
2-12           (e)  If money is invested under Subsection (a)(2)(E), the
2-13     court may waive any bonding requirement.
2-14           SECTION 2.  Section 868, Texas Probate Code, is amended by
2-15     adding Subsection (f) to read as follows:
2-16           (f)  If the trustee determines that it is in the best
2-17     interest of the ward, the trustee may invest funds of the trust in
2-18     the Texas tomorrow fund established by Subchapter F, Chapter 54,
2-19     Education Code.
2-20           SECTION 3.  The importance of this legislation and the
2-21     crowded condition of the calendars in both houses create an
2-22     emergency and an imperative public necessity that the
2-23     constitutional rule requiring bills to be read on three several
2-24     days in each house be suspended, and this rule is hereby suspended,
2-25     and that this Act take effect and be in force from and after its
2-26     passage, and it is so enacted.
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I hereby certify that S.B. No. 112 passed the Senate on
         March 2, 1999, by the following vote:  Yeas 31, Nays 0; and that
         the Senate concurred in House amendment on April 30, 1999, by the
         following vote:  Yeas 29, Nays 0.
                                             _______________________________
                                                 Secretary of the Senate
               I hereby certify that S.B. No. 112 passed the House, with
         amendment, on April 16, 1999, by the following vote:  Yeas 136,
         Nays 0, two present not voting.
                                             _______________________________
                                                 Chief Clerk of the House
         Approved:
         _______________________________
                     Date
         _______________________________
                   Governor