|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to investment of the economic stabilization fund. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subchapter C, Chapter 404, Government Code, is |
|
amended by adding Section 404.0241 to read as follows: |
|
|
|
Sec. 404.0241. INVESTMENT OF THE ECONOMIC STABILIZATION FUND. |
|
(a) In this section "fund" means the economic stabilization |
|
fund as established under Article III Section 49-g of the Texas |
|
Constitution. |
|
(b) The comptroller shall invest any balance above $3 |
|
billion dollars in the fund in accordance with the Sec. 404.024(j) |
|
of the Government Code. |
|
(c) Due to withdrawal from the fund, the comptroller shall |
|
adjust investments undertaken in accordance with Sec. 404.024(j) in |
|
a prudent manner in order to redirect investments in accordance |
|
with Sec. 404.024 (a) through (i) and (k) through (n). |
|
SECTION 2. This Act takes effect immediately if it receives |
|
a vote of two-thirds of all the members elected to each house, as |
|
provided by Section 39, Article III, Texas Constitution. If this |
|
Act does not receive the vote necessary for immediate effect, this |
|
Act takes effect September 1, 2013. |