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A BILL TO BE ENTITLED
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AN ACT
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relating to the investment of a portion of the economic |
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stabilization fund balance. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 404, Government Code, is |
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amended by adding Section 404.0241 to read as follows: |
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Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC |
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STABILIZATION FUND BALANCES. (a) The comptroller shall invest the |
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balance of the economic stabilization fund that exceeds an amount |
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equal to 30 percent of the maximum authorized balance of the fund |
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for the applicable state fiscal biennium as prescribed by Section |
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49-g(g), Article III, Texas Constitution, in accordance with the |
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investment standard described by Section 404.024(j). The |
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comptroller's investment of that excess balance is not subject to |
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any other limitation or other requirement provided by Section |
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404.024. |
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(b) The comptroller shall adjust the investment portfolio |
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of economic stabilization fund money periodically to ensure that, |
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as appropriated money is withdrawn or money is otherwise |
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transferred from the fund or as the maximum authorized balance of |
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the fund as prescribed by Section 49-g(g), Article III, Texas |
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Constitution, changes, only the balance of the fund that exceeds |
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the amount specified by Subsection (a) is invested in a manner that |
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does not comply with all limitations and other requirements of |
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Section 404.024. |
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SECTION 2. |
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(a) The comptroller of public accounts shall |
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conduct a study of the potential costs and benefits of investing, as |
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provided by Section 404.0241, Government Code, as added by this |
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Act, or of investing under an alternative method as the comptroller |
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may propose, a portion of the economic stabilization fund in |
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precious metals stored in this state. The comptroller shall report |
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the findings and conclusions of the study to the legislature not |
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later than August 31, 2014. |
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(b) In conducting the study under Subsection (a) of this |
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section, the comptroller shall include the comptroller's analysis |
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of the costs and benefits of the following scenarios for managing |
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the storage of precious metals in which economic stabilization fund |
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money is invested: |
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(1) establishing and operating a state depository for |
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precious metals; |
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(2) establishing and operating a state depository for |
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precious metals with private depository agents regulated by this |
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state; |
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(3) establishing and operating several state |
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depositories for precious metals; |
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(4) establishing and operating several state |
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depositories for precious metals with private depository agents |
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regulated by this state; and |
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(5) using an established network of private depository |
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agents with regulatory oversight conducted by this state. |
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SECTION 3. 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, 2013. |