1-1     By:  Ellis                                             S.B. No. 805
 1-2           (In the Senate - Filed March 2, 1999; March 3, 1999, read
 1-3     first time and referred to Committee on Finance; April 19, 1999,
 1-4     reported favorably by the following vote:  Yeas 11, Nays 0;
 1-5     April 19, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the investment of the higher education fund.
 1-9           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10           SECTION 1.  Subsection (d), Section 62.026, Education Code,
1-11     is amended to read as follows:
1-12           (d)  The comptroller shall administer [the fund] and invest
1-13     the fund.  In investing the fund, the comptroller has the same
1-14     investment authority as that provided under Sections 11a and 11b,
1-15     Article VII, Texas Constitution, or other law to the board of
1-16     regents of The University of Texas System with respect to the
1-17     investment of [in the same manner as] the permanent university
1-18     fund.  The investment authority granted to the comptroller under
1-19     this subsection is in addition to that provided by Section 404.024,
1-20     Government Code, or other law.
1-21           SECTION 2.  The importance of this legislation and the
1-22     crowded condition of the calendars in both houses create an
1-23     emergency and an imperative public necessity that the
1-24     constitutional rule requiring bills to be read on three several
1-25     days in each house be suspended, and this rule is hereby suspended,
1-26     and that this Act take effect and be in force from and after its
1-27     passage, and it is so enacted.
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