1-1     By:  Brown                                             S.B. No. 112
 1-2           (In the Senate - Filed December 21, 1998; January 28, 1999,
 1-3     read first time and referred to Committee on Jurisprudence;
 1-4     February 18, 1999, reported favorably, as amended, by the following
 1-5     vote:  Yeas 5, Nays 0; February 18, 1999, sent to printer.)
 1-6     COMMITTEE AMENDMENT NO. 1                                By:  Brown
 1-7     Amend S.B. No. 112 by adding the following after SECTION 1 and
 1-8     renumber the subsequent SECTION appropriately:
 1-9           SECTION 2.  Section 868, Texas Probate Code, is amended by
1-10     adding Subsection (f) to read as follows:
1-11           (f)  If the trustee determines that it is in the best
1-12     interest of the ward, the trustee may invest funds of the trust in
1-13     the Texas tomorrow fund established by Subchapter F, Chapter 54,
1-14     Education Code.
1-15                            A BILL TO BE ENTITLED
1-16                                   AN ACT
1-17     relating to investing in the Texas tomorrow fund.
1-18           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-19           SECTION 1.  Subsection (a), Section 142.004, Property Code,
1-20     is amended to read as follows:
1-21           (a)  In a suit in which a minor or incapacitated person who
1-22     has no legal guardian is represented by a next friend, any money
1-23     recovered by the plaintiff, if not otherwise managed under this
1-24     chapter, may be invested:
1-25                 (1)  by the next friend in:
1-26                       (A)  the Texas tomorrow fund established by
1-27     Subchapter F, Chapter 54, Education Code; or
1-28                       (B)  interest-bearing time deposits in a
1-29     financial institution doing business in this state and insured by
1-30     the F.D.I.C.; or
1-31                 (2)  by the clerk of the court, on written order of the
1-32     court of proper jurisdiction, in:
1-33                       (A)  interest-bearing deposits in a financial
1-34     institution doing business in this state that is insured by the
1-35     Federal Deposit Insurance Corporation;
1-36                       (B)  United States treasury bills;
1-37                       (C)  an eligible interlocal investment pool that
1-38     meets the requirements of Sections 2256.016, 2256.017, and
1-39     2256.019, Government Code; or
1-40                       (D)  a no-load money market mutual fund, if the
1-41     fund:
1-42                             (i)  is regulated by the Securities and
1-43     Exchange Commission;
1-44                             (ii)  has a dollar weighted average stated
1-45     maturity of 90 days or fewer; and
1-46                             (iii)  includes in its investment
1-47     objectives the maintenance of a stable net asset value of $1 for
1-48     each share.
1-49           SECTION 2.  The importance of this legislation and the
1-50     crowded condition of the calendars in both houses create an
1-51     emergency and an imperative public necessity that the
1-52     constitutional rule requiring bills to be read on three several
1-53     days in each house be suspended, and this rule is hereby suspended,
1-54     and that this Act take effect and be in force from and after its
1-55     passage, and it is so enacted.
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