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.
1-28 * * * * *