By Wilson                                             H.J.R. No. 86
         77R7275 JJT-D                           
                                 A JOINT RESOLUTION
 1-1     proposing a constitutional amendment to establish the State
 1-2     Investment Commission, with authority to invest state funds.
 1-3           BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1. Article XVI, Texas Constitution, is amended by
 1-5     adding Section 72 to read as follows:
 1-6           Sec. 72. (a)  The State Investment Commission is composed of
 1-7     six commissioners appointed by the governor with the advice and
 1-8     consent of two-thirds of the senate present.  Commissioners serve
 1-9     terms of six years, with the terms of two commissioners expiring
1-10     June 1 of each odd-numbered year.
1-11           (b)  Notwithstanding any other provision of this
1-12     constitution, the State Investment Commission has full authority to
1-13     manage and direct the investment of all money held, in trust or
1-14     otherwise, by the state, a state official, or an agency or other
1-15     institution of the state as the legislature may provide.
1-16           SECTION 2. This proposed constitutional amendment shall be
1-17     submitted to the voters at an election to be held November 6, 2001.
1-18     The ballot shall be printed to permit voting for or against the
1-19     proposition: "The constitutional amendment establishing the State
1-20     Investment Commission to manage the investment of money received by
1-21     state government."