By:  Ratliff                                          S.B. No. 1320
                                A BILL TO BE ENTITLED
                                       AN ACT
 1-1     relating to the amount retained in the lottery pooled bond fund.
 1-2           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-3           SECTION 1.  Subsection (a), Section 466.156, Government Code,
 1-4     is amended to read as follows:
 1-5           (a)  Each sales agent shall post a cash bond, surety bond,
 1-6     letter of credit, certificate of deposit, or other security
 1-7     approved by the executive director, including the contribution of
 1-8     cash to a pooled bond fund established by the executive director to
 1-9     protect the state from possible losses.  The amount of the security
1-10     shall be determined by the executive director and must reflect the
1-11     possible losses to the state from the operation of the sales agent.
1-12     The total amount retained in a pooled bond fund established under
1-13     this subsection may not exceed $5 million.
1-14           SECTION 2.  This Act takes effect September 1, 1999.  On that
1-15     date, any amount in the pooled bond fund established under Section
1-16     466.156, Government Code, in excess of the maximum amount allowed
1-17     to be retained in the fund under Subsection (a), Section 466.156,
1-18     Government Code, as amended by this Act, shall be deposited to the
1-19     credit of the foundation school fund.
1-20           SECTION 3.  The importance of this legislation and the
1-21     crowded condition of the calendars in both houses create an
1-22     emergency and an imperative public necessity that the
1-23     constitutional rule requiring bills to be read on three several
1-24     days in each house be suspended, and this rule is hereby suspended.