1-1     By:  Duncan                                           S.B. No. 1547
 1-2           (In the Senate - Filed March 9, 2001; March 14, 2001, read
 1-3     first time and referred to Committee on Finance; March 26, 2001,
 1-4     reported favorably by the following vote:  Yeas 10, Nays 0;
 1-5     March 26, 2001, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the establishment of an investment advisory board by
 1-9     the comptroller of public accounts.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Subchapter C, Chapter 404, Government Code, is
1-12     amended by adding Section 404.028 to read as follows:
1-13           Sec. 404.028.  INVESTMENT ADVISORY BOARD.  (a)  The
1-14     comptroller shall establish an investment advisory board to advise
1-15     the comptroller regarding investments that the comptroller makes
1-16     under this subchapter or other law.  For purposes of this section,
1-17     the deposit of state funds in a state depository is not considered
1-18     an investment.
1-19           (b)  The comptroller shall appoint members to the advisory
1-20     board who possess the expertise appropriate for advising the
1-21     comptroller with regard to one or more types of investments that
1-22     the comptroller may make.
1-23           (c)  The comptroller shall determine the number of members of
1-24     the advisory board.  A member serves on the advisory board at the
1-25     will of the comptroller.
1-26           (d)  Chapter 2110 does not apply to the size, composition, or
1-27     duration of the advisory board.
1-28           SECTION 2.  This Act takes effect immediately if it receives
1-29     a vote of two-thirds of all the members elected to each house, as
1-30     provided by Section 39, Article III, Texas Constitution.  If this
1-31     Act does not receive the vote necessary for immediate effect, this
1-32     Act takes effect September 1, 2001.
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