By Ellis                                               S.B. No. 805
         76R3471 JSA-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the investment of the higher education fund.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Section 62.026(d), Education Code, is amended to
 1-5     read as follows:
 1-6           (d)  The comptroller shall administer [the fund] and invest
 1-7     the fund.  In investing the fund, the comptroller has the same
 1-8     investment authority as that provided under Sections 11a and 11b,
 1-9     Article VII, Texas Constitution, or other law to the board of
1-10     regents of The University of Texas System with respect to the
1-11     investment of [in the same manner as] the permanent university
1-12     fund.  The investment authority granted to the comptroller under
1-13     this subsection is in addition to that provided by Section 404.024,
1-14     Government Code, or other law.
1-15           SECTION 2.  The importance of this legislation and the
1-16     crowded condition of the calendars in both houses create an
1-17     emergency and an imperative public necessity that the
1-18     constitutional rule requiring bills to be read on three several
1-19     days in each house be suspended, and this rule is hereby suspended,
1-20     and that this Act take effect and be in force from and after its
1-21     passage, and it is so enacted.