By:  Duncan, Lucio                                    S.B. No. 1547
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the establishment of an investment advisory board by
 1-3     the comptroller of public accounts.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Subchapter C, Chapter 404, Government Code, is
 1-6     amended by adding Section 404.028 to read as follows:
 1-7           Sec. 404.028.  INVESTMENT ADVISORY BOARD.  (a)  The
 1-8     comptroller shall establish an investment advisory board to advise
 1-9     the comptroller regarding investments that the comptroller makes
1-10     under this subchapter or other law.  For purposes of this section,
1-11     the deposit of state funds in a state depository is not considered
1-12     an investment.
1-13           (b)  The comptroller shall appoint members to the advisory
1-14     board who possess the expertise appropriate for advising the
1-15     comptroller with regard to one or more types of investments that
1-16     the comptroller may make.
1-17           (c)  The comptroller shall determine the number of members of
1-18     the advisory board.  A member serves on the advisory board at the
1-19     will of the comptroller.
1-20           (d)  Chapter 2110 does not apply to the size, composition, or
1-21     duration of the advisory board.
1-22           SECTION 2.  This Act takes effect immediately if it receives
1-23     a vote of two-thirds of all the members elected to each house, as
1-24     provided by Section 39, Article III, Texas Constitution.  If this
1-25     Act does not receive the vote necessary for immediate effect, this
 2-1     Act takes effect September 1, 2001.