| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the investment of a portion of the economic |
|
|
stabilization fund balance. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Sections 404.0241(a) and (b), Government Code, |
|
|
are amended to read as follows: |
|
|
(a) The comptroller shall invest the balance [a percentage] |
|
|
of the economic stabilization fund [balance in a state fiscal
|
|
|
biennium] that exceeds an [the] amount equal to 30 percent of the |
|
|
maximum authorized [of the sufficient] balance of the fund for the |
|
|
applicable state fiscal biennium as prescribed by Section 49-g(g), |
|
|
Article III, Texas Constitution, [adopted under Section 316.092 for
|
|
|
that biennium] in accordance with the investment standard described |
|
|
by Section 404.024(j). The comptroller's investment of that |
|
|
[percentage of the] excess balance is not subject to any other |
|
|
limitation or other requirement provided by Section 404.024. |
|
|
(b) The comptroller shall adjust the investment portfolio |
|
|
of economic stabilization fund money periodically to ensure that, |
|
|
as appropriated money is withdrawn or money is otherwise |
|
|
transferred from the fund or as the maximum authorized balance of |
|
|
the fund as prescribed by Section 49-g(g), Article III, Texas |
|
|
Constitution, changes, only the balance of the fund that exceeds |
|
|
the amount specified by Subsection (a) is invested in a manner that |
|
|
does not comply with all limitations and other requirements of |
|
|
Section 404.024 [is sufficient to meet the cash flow requirements
|
|
|
of the fund]. |
|
|
SECTION 2. Sections 404.0241(c) and (d), Government Code, |
|
|
are repealed. |
|
|
SECTION 3. The comptroller of public accounts shall adjust |
|
|
the investment portfolio of economic stabilization fund money as |
|
|
soon as possible after the effective date of this Act to ensure that |
|
|
the investment of that money complies with Section 404.0241, |
|
|
Government Code, as amended by this Act. |
|
|
SECTION 4. This Act takes effect September 1, 2017. |