By: Armbrister S.R. No. 1016 SENATE RESOLUTION 1-1 BE IT RESOLVED by the Senate of the State of Texas, 76th 1-2 Legislature, Regular Session, 1999, That Senate Rule 12.03 be 1-3 suspended in part as provided by Senate Rule 12.08 to enable the 1-4 conference committee appointed to resolve the differences on Senate 1-5 Bill No. 1129 to consider and take action on the following specific 1-6 matter: 1-7 Senate Rule 12.03(4) is suspended to permit the committee to 1-8 add a new section to the bill to read as follows: 1-9 SECTION ____. Subsections (a) and (c), Section 845.301, 1-10 Government Code, are amended to read as follows: 1-11 (a) The assets of the retirement system shall be invested 1-12 and reinvested without distinction as to their source in accordance 1-13 with Section 67, Article XVI, Texas Constitution. For purposes of 1-14 the investment authority of the board of trustees under Section 67, 1-15 Article XVI, Texas Constitution, "securities" means any investment 1-16 instrument within the meaning of the term as defined by Section 4, 1-17 The Securities Act (Article 581-4, Vernon's Texas Civil Statutes), 1-18 15 U.S.C. Section 77b(a)(1), or 15 U.S.C. Section 78c(a)(10). 1-19 Investment decisions are subject to the standard provided in the 1-20 Texas Trust Code by Section 113.056(a), Property Code. 1-21 (c) The board of trustees, acting on the recommendations of 1-22 the investment officer, may contract with private professional 1-23 investment managers to assist in investing the assets of the 1-24 retirement system. The board of trustees also has the authority 2-1 set forth in Section 802.204 to appoint investment managers for the 2-2 retirement system, with the effect described by Section 802.203(c). 2-3 Explanation: This addition is necessary to clarify current 2-4 law. 2-5 ______________________________________ 2-6 President of the Senate 2-7 I hereby certify that the above 2-8 Resolution was adopted by the Senate 2-9 on May 19, 1999. 2-10 ______________________________________ 2-11 Secretary of the Senate