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. 1-32 * * * * *