BILL ANALYSIS

 

 

Senate Research Center                                                                                                      S.B. 1250

79R7220 JTS-F                                                                                                                 By: Brimer

                                                                                                                  Government Organization

                                                                                                                                            3/22/2005

                                                                                                                                              As Filed

 

 

AUTHOR'S/SPONSOR'S STATEMENT OF INTENT

 

As part of the tobacco lawsuit settlement, legislation was passed that created a permanent trust account for the funds and an investment advisory committee to manage the long-term investment of the account.  The committee consists of 11 members from various sectors of the health care community and local governments.

 

Four members of the advisory committee are appointed by ten political subdivisions, the recipients of the third through 12th highest disbursements from the account during the previous year.  The entities appointing the four members may change from year to year; however, no process was outlined for selection of the four members. 

 

As proposed, S.B. 1250 provides that the Texas Conference of Urban Counties will accept nominations from the award recipient political subdivisions and appoint the four members.

 

RULEMAKING AUTHORITY

 

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

 

SECTION BY SECTION ANALYSIS

 

SECTION 1.  Amends Section 403.1042(b), Government Code, to provide that the Tobacco Settlement Permanent Trust Account Investment Advisory Committee includes four members appointed by the Texas Conference of Urban Counties, which shall receive nominations from certain political subdivisions, rather than appointed by certain political subdivisions that do not have an appointee serving on the advisory committee at the time of appointment.  Makes nonsubstantive changes. 

 

SECTION 2.  Effective date: September 1, 2005.