MINUTES 
                                           
                            SENATE COMMITTEE ON FINANCE 
                              Tuesday, March 30, 2004 
                                     10:30 a.m. 
                           Capitol Extension, Room E1.036 
                                           
                                       ***** 
                                           
         Pursuant to a notice posted in accordance with Senate Rule  
         11.18, a public hearing of the Senate Committee on Finance was  
         held on Tuesday, March 30, 2004, in the Capitol Extension, Room  
         E1.036, at Austin, Texas. 
          
                                       ***** 
                                           
         MEMBERS PRESENT:                        MEMBERS ABSENT: 
         Senator Steve Ogden                     Senator Kyle Janek 
         Senator Judith Zaffirini                Senator Todd Staples 
         Senator Kip Averitt                     Senator Royce West 
         Senator Gonzalo Barrientos 
         Senator Kim Brimer 
         Senator Robert Duncan 
         Senator Jane Nelson 
         Senator Florence Shapiro 
         Senator Eliot Shapleigh 
         Senator John Whitmire 
                                           
                                       ***** 
                                           
         The chair called the meeting to order at 10:30 a.m.  There being  
         a quorum present, the following business was transacted:   
          
         The Committee heard invited testimony on the Committee's interim  
         charge relating to Endowment Fund Review.  Witnesses testifying  
         and registering on the interim charge are shown on the attached  
         list. 
          
         At 11:54 a.m. Senator Ogden moved that the Committee stand  
         recessed until 12:25 p.m.  
         Without objection, it was so ordered. 
          
         The Committee reconvened at 12:25 p.m. 
          
         Invited testimony on the interim charge relating to Endowment  
         Fund Review resumed.   
          
         The Committee heard invited testimony on the Committee's interim charge relating to the Rainy Day Fund.  Witnesses testifying and  
         registering on the interim charge are shown  
         on the attached list. 
          
         There being no further business, at 3:25 p.m. Senator Ogden moved that the Committee stand recessed  
         subject to the call of the Chair.  Without objection, it was so ordered. 
          
         ______________________ 
         Senator Steve Ogden, Chair 
          
         ______________________ 
         Amy Jeter, Clerk