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A BILL TO BE ENTITLED
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AN ACT
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relating to investments in environmental technologies by certain |
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public retirement systems in this state. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 802, Government Code, is |
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amended by adding Section 802.2025 to read as follows: |
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Sec. 802.2025. INVESTMENTS IN ENVIRONMENTAL TECHNOLOGIES. |
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(a) In this section, "environmental technology" means technology |
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used: |
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(1) to assess and prevent threats or damage to human |
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health or the environment, including threats or damage posed by |
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global warming; |
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(2) to develop alternative energy sources; |
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(3) for environmental cleanup; and |
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(4) to protect, sustain, or restore natural resources. |
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(b) In investing money the public retirement system manages |
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for the retirement and other benefits of public employees, a public |
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retirement system shall give special consideration to investing in |
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environmental technology. The retirement system may invest |
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directly in environmental technology or indirectly through |
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investment in a private entity's equities or obligations. |
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(c) This section does not affect the fiduciary duty of a |
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public retirement system under Section 67, Article XVI, Texas |
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Constitution, or other law. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |