AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

 

H.B. 8 amends current law relating to the deposit of money received from the federal government.

 

RULEMAKING AUTHORITY

 

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

 

SECTION BY SECTION ANALYSIS

 

SECTION 1. Amends Subchapter B, Chapter 403, Government Code, by adding Section 403.0125, as follows:

 

Sec. 403.0125. FEDERAL MONEY DEPOSITED TO TREASURY. (a) Prohibits the comptroller of public accounts of the State of Texas (comptroller) from depositing to the credit of the general revenue fund money received from the federal government or accrued interest or other earnings on money received from the federal government. Provides that this subsection prevails over other general law that provides for money received from the federal government, or earnings on money received from the federal government, to be deposited to the credit of the general revenue fund or to the credit of an account in the general revenue fund. Requires the comptroller to account for and administer federal money separately from money in the general revenue fund in a manner that ensures federal money and earnings on federal money are used for the purposes for which federal money is received.

 

(b) Authorizes the comptroller to establish a special fund in the treasury for the purpose of holding money received from the federal government for deposit to the state treasury and any interest or other earnings on the federal money.

 

SECTION 2. Effective date: September 1, 2015.