1-1     By:  Ratliff                                          S.B. No. 1320
 1-2           (In the Senate - Filed March 11, 1999; March 15, 1999, read
 1-3     first time and referred to Committee on Finance; March 29, 1999,
 1-4     reported favorably by the following vote:  Yeas 11, Nays 0;
 1-5     March 29, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the amount retained in the lottery pooled bond fund.
 1-9           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10           SECTION 1.  Subsection (a), Section 466.156, Government Code,
1-11     is amended to read as follows:
1-12           (a)  Each sales agent shall post a cash bond, surety bond,
1-13     letter of credit, certificate of deposit, or other security
1-14     approved by the executive director, including the contribution of
1-15     cash to a pooled bond fund established by the executive director to
1-16     protect the state from possible losses.  The amount of the security
1-17     shall be determined by the executive director and must reflect the
1-18     possible losses to the state from the operation of the sales agent.
1-19     The total amount retained in a pooled bond fund established under
1-20     this subsection may not exceed $5 million.
1-21           SECTION 2.  This Act takes effect September 1, 1999.  On that
1-22     date, any amount in the pooled bond fund established under Section
1-23     466.156, Government Code, in excess of the maximum amount allowed
1-24     to be retained in the fund under Subsection (a), Section 466.156,
1-25     Government Code, as amended by this Act, shall be deposited to the
1-26     credit of the foundation school fund.
1-27           SECTION 3.  The importance of this legislation and the
1-28     crowded condition of the calendars in both houses create an
1-29     emergency and an imperative public necessity that the
1-30     constitutional rule requiring bills to be read on three several
1-31     days in each house be suspended, and this rule is hereby suspended.
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