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A BILL TO BE ENTITLED
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AN ACT
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relating to the management and use of the Texas preservation trust |
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fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 442.015, Government Code, is amended by |
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amending Subsections (a), (b), and (f) and adding Subsections (h), |
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(i), (j), (k), and (l) to read as follows: |
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(a) Notwithstanding Section 403.095, the Texas preservation |
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trust fund account is a separate account in the general revenue |
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fund. The account consists of transfers made to the account, loan |
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repayments, grants and donations made for the purposes of this |
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program, proceeds of sales, earnings [income earned] on [money in] |
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the account, and any other money received under this |
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section. Distributions from [Money in] the account may be used |
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only for the purposes of this section and may not be used to pay |
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operating expenses of the commission. Money allocated to the |
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commission's historic preservation grant program shall be |
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deposited to the credit of the account. Earnings [Income earned] |
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on [money in] the account shall be deposited to the credit of the |
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account. |
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(b) The commission may use distributions from [money in] the |
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Texas preservation trust fund account to provide financial |
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assistance to public or private entities for the acquisition, |
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survey, restoration, or preservation, or for planning and |
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educational activities leading to the preservation, of historic |
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property in the state that is listed in the National Register of |
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Historic Places or designated as a State Archeological Landmark or |
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Recorded Texas Historic Landmark, or that the commission determines |
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is eligible for such listing or designation. The financial |
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assistance may be in the amount and form and according to the terms |
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that the commission by rule determines. The commission shall give |
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priority to property the commission determines to be endangered by |
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demolition, neglect, underuse, looting, vandalism, or other threat |
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to the property. Gifts and grants deposited to the credit of the |
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account specifically for any eligible projects may be used only for |
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the type of projects specified. If such a specification is not |
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made, the gift or grant shall be unencumbered and accrue to the |
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benefit of the Texas preservation trust fund account. If such a |
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specification is made, the entire amount of the gift or grant may be |
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used during any period for the project or type of project specified. |
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(f) The advisory board shall recommend to the commission |
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rules for administering Subsections (a)-(e) [this section]. |
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(h) The comptroller shall manage the assets of the account. |
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In managing the assets of the account, the comptroller may acquire, |
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exchange, sell, supervise, manage, or retain, through procedures |
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and subject to restrictions the comptroller considers appropriate, |
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any kind of investment that a prudent investor, exercising |
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reasonable care, skill, and caution, would acquire or retain in |
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light of the purposes, terms, distribution requirements, and other |
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circumstances of the account then prevailing, taking into |
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consideration the investment of all the assets of the account |
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rather than a single investment. |
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(i) The amount of a distribution shall be determined by the |
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comptroller in a manner intended to provide a stable and |
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predictable stream of annual distributions and to maintain over |
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time the purchasing power of account investments and annual |
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distributions from the account. If the purchasing power of account |
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investments for any 10-year period is not preserved, the |
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comptroller may not increase annual distributions from the account |
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until the purchasing power of account investments is restored. |
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(j) An annual distribution made by the comptroller from the |
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account during a fiscal year may not exceed an amount equal to seven |
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percent of the average net fair market value of the investment |
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assets of the account as determined by the comptroller. |
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(k) The expenses of managing account investments shall be |
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paid from the account. |
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(l) On request, the comptroller shall fully disclose all |
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details concerning the investments of the account. |
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SECTION 2. This Act takes effect September 1, 2013. |