78R8564 JJT-F

By:  Pitts                                                        H.B. No. 3175


A BILL TO BE ENTITLED
AN ACT
relating to the authority of the comptroller of public accounts to manage cash flow by transferring available cash between funds in the custody or under the management of the comptroller; making an appropriation. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Sections 403.092(a) and (b), Government Code, are amended to read as follows: (a) To allow efficient management of the cash flow of the general revenue fund and to avoid a temporary cash deficiency in the general revenue [that] fund, the comptroller may transfer available [surplus] cash, except constitutionally dedicated revenues, between funds that are managed by or in the custody of the comptroller [in the state treasury]. As soon as practicable, the comptroller shall return [the surplus cash] to the fund from which the available cash [it] was transferred cash in the amount of the available cash transferred. The comptroller shall preserve the [fund] equity of the fund from which the available cash was transferred and shall allocate earned [the depository] interest as if the transfer had not been made. (b) If the comptroller submits a statement under Article III, Section 49a, of the Texas Constitution when available [surplus] cash transferred under Subsection (a) is in the general revenue fund, the comptroller shall indicate in that statement that the available cash that was transferred [surplus cash] is in the general revenue fund, is a liability of that fund, and is not available for appropriation by the legislature. SECTION 2. (a) In accordance with the requirements imposed by Sections 403.092(a) and (b), Government Code, as amended by this Act, the comptroller is appropriated from the general revenue fund for the state fiscal year ending August 31, 2003, the amount needed to return any available cash that is transferred to the general revenue fund from a fund outside the state treasury during the state fiscal year ending August 31, 2003, and to maintain the equity of the fund from which the transfer of available cash was made. This subsection has no effect if this Act does not take immediate effect under Section 3 of this Act. (b) In accordance with the requirements imposed by Sections 403.092(a) and (b), Government Code, as amended by this Act, the comptroller is appropriated from the general revenue fund for the state fiscal biennium beginning September 1, 2003, the amount needed to return any available cash that is transferred to the general revenue fund from a fund outside the state treasury during the state fiscal biennium beginning September 1, 2003, and to maintain the equity of the fund from which the transfer of available cash was made. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2003.