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A BILL TO BE ENTITLED
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AN ACT
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relating to the investment of certain money in the economic |
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stabilization fund. |
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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 404.029 to read as follows: |
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Sec. 404.029. ALTERNATIVE INVESTMENT OF ECONOMIC |
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STABILIZATION FUND. The comptroller may invest an amount of money |
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in the economic stabilization fund, not to exceed one-third of the |
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balance of that fund at the time of the investment, in assets other |
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than bonds, securities, and other assets that are issued or |
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otherwise guaranteed by the United States or agencies or |
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instrumentalities of the United States, to the extent that the |
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investment meets the standard prescribed by Section 404.024(j). |
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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, 2013. |