AN ACT
 1-1     relating to the investment of the higher education fund.
 1-2           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-3           SECTION 1.  Subsection (d), Section 62.026, Education Code,
 1-4     is amended to read as follows:
 1-5           (d)  The comptroller shall administer [the fund] and invest
 1-6     the fund.  In investing the fund, the comptroller has the same
 1-7     investment authority as that provided under Sections 11a and 11b,
 1-8     Article VII, Texas Constitution, or other law to the board of
 1-9     regents of The University of Texas System with respect to the
1-10     investment of [in the same manner as] the permanent university
1-11     fund.  The investment authority granted to the comptroller under
1-12     this subsection is in addition to that provided by Section 404.024,
1-13     Government Code, or other law.
1-14           SECTION 2.  The importance of this legislation and the
1-15     crowded condition of the calendars in both houses create an
1-16     emergency and an imperative public necessity that the
1-17     constitutional rule requiring bills to be read on three several
1-18     days in each house be suspended, and this rule is hereby suspended,
1-19     and that this Act take effect and be in force from and after its
1-20     passage, and it is so enacted.
         _______________________________     _______________________________
             President of the Senate              Speaker of the House
               I hereby certify that S.B. No. 805 passed the Senate on
         April 26, 1999, by the following vote:  Yeas 30, Nays 0.
                                             _______________________________
                                                 Secretary of the Senate
               I hereby certify that S.B. No. 805 passed the House on
         May 22, 1999, by the following vote:  Yeas 144, Nays 0, two present
         not voting.
                                             _______________________________
                                                 Chief Clerk of the House
         Approved:
         _______________________________
                     Date
         _______________________________
                   Governor