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By: Capriglione, et al. |
H.B. No. 903 |
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(Senate Sponsor - Taylor of Collin) |
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(In the Senate - Received from the House April 14, 2015; |
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April 21, 2015, read first time and referred to Committee on |
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Finance; May 6, 2015, reported favorably by the following vote: |
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Yeas 13, Nays 0; May 6, 2015, sent to printer.) |
| Click here to see the committee vote |
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COMMITTEE VOTE |
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YeaNayAbsentPNV |
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NelsonX |
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HinojosaX |
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BettencourtX |
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EltifeX |
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HancockX |
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HuffmanX |
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KolkhorstX |
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NicholsX |
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SchwertnerX |
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SeligerX |
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Taylorof GalvestonX |
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UrestiX |
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WatsonX |
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WestX |
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WhitmireX |
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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 percentage of the economic |
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stabilization fund balance in excess of the sufficient 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 a |
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percentage of the economic stabilization fund balance in a state |
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fiscal biennium that exceeds the amount of the sufficient balance |
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of the fund adopted under Section 316.092 for that biennium in |
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accordance with the investment standard described by Section |
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404.024(j). The comptroller's investment of that percentage of the |
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excess balance is not subject to any other limitation or other |
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requirement provided by Section 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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the balance of the fund is sufficient to meet the cash flow |
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requirements of the fund. |
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(c) The comptroller shall include the fair market value of |
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the investment portfolio of the economic stabilization fund in |
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calculating the amount in the fund for purposes of Section 49-g(g), |
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Article III, Texas Constitution, and Section 316.093 of this code. |
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(d) This section expires on the date Section 316.092 |
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expires. |
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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, 2015. |
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* * * * * |