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. _______________________________ _______________________________ President of the Senate Speaker of the House I hereby certify that S.B. No. 1320 passed the Senate on April 6, 1999, by a viva-voce vote. _______________________________ Secretary of the Senate I hereby certify that S.B. No. 1320 passed the House on May 26, 1999, by a non-record vote. _______________________________ Chief Clerk of the House Approved: _______________________________ Date _______________________________ Governor