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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 portion of the economic |
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stabilization fund balance and the dedication of certain interest |
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earned on the fund 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) For purposes of this section, the |
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balance of the economic stabilization fund includes all liquid |
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assets of the fund, all investments of fund money, and all net |
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earnings and losses on those investments. |
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(b) The comptroller shall invest a portion of the economic |
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stabilization fund balance as determined under Subsection (c) or |
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(d) in accordance with the investment standard described by Section |
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404.024(j). The comptroller's investment of that balance is not |
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subject to any other limitation or other requirement provided by |
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Section 404.024. The expenses of managing the fund shall be paid |
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from the fund. |
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(c) Not later than December 1 of each even-numbered year, |
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the select committee appointed under Section 316.092 shall |
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determine the portion of the economic stabilization fund balance |
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that the comptroller is authorized to invest in accordance with |
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Subsection (b) during the succeeding state fiscal biennium. The |
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select committee may express the portion as a specific amount or as |
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a percentage of the fund balance as of one or more prescribed dates. |
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(d) Notwithstanding Subsection (c), for each state fiscal |
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biennium beginning with the first state fiscal biennium that begins |
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after the date Section 316.092 expires, the portion of the economic |
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stabilization fund balance that the comptroller is required to |
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invest in accordance with Subsection (b) for a state fiscal |
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biennium is equal to the amount that is the lesser of: |
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(1) an amount equal to 50 percent of the economic |
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stabilization fund balance on the first day of the state fiscal |
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biennium; or |
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(2) the amount that would result if the portion of the |
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fund specified by the select committee for investment in that |
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manner during the last state fiscal biennium for which the |
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committee specified a portion were applied. |
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(e) The comptroller shall adjust the investment portfolio |
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of economic stabilization fund money periodically or as necessary |
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to ensure that only the portion of the economic stabilization fund |
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balance that the comptroller is authorized to invest in accordance |
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with Subsection (b) is invested in that manner. |
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SECTION 2. Subchapter E, Chapter 404, Government Code, is |
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amended by adding Section 404.0711 to read as follows: |
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Sec. 404.0711. DEDICATION OF CERTAIN INTEREST. (a) This |
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section applies only to interest otherwise due to the economic |
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stabilization fund that the comptroller credits to the general |
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revenue fund as required by Section 49-g(i), Article III, Texas |
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Constitution. |
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(b) The comptroller shall credit money to which this section |
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applies to the following accounts in the general revenue fund: |
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(1) one-third to an account from which money may be |
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appropriated only to pay state debt; |
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(2) one-third to an account from which money may be |
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appropriated only for graduate medical education programs; and |
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(3) the remainder to an account from which money may be |
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appropriated only for the Texas Research Incentive Program (TRIP). |
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(c) The accounts specified in this section are exempt from |
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the application of Section 403.095. |
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SECTION 3. This Act takes effect September 1, 2015. |