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A BILL TO BE ENTITLED
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AN ACT
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relating to the comptroller's investment of certain money held |
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outside the state treasury. |
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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 404.0242 to read as follows: |
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Sec. 404.0242. INVESTMENT OF CERTAIN MONEY HELD OUTSIDE |
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STATE TREASURY. (a) Notwithstanding any other law: |
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(1) the comptroller shall invest state money held |
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outside the state treasury and administered by the comptroller in |
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accordance with the investment standard described by Section |
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404.024(j); and |
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(2) the comptroller's investment of that money is not |
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subject to any other limitation or other requirement provided by |
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Section 404.024. |
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(b) The comptroller shall adjust the investment portfolio |
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of an account or fund from which the comptroller invests money as |
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provided by Subsection (a) periodically to ensure that the account |
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or fund has sufficient liquidity to meet the cash flow requirements |
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of the account or fund. |
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(c) This section does not apply to money held outside the |
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state treasury in trust by the comptroller as trustee for the |
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benefit of specified persons, including money deposited in a trust |
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account or fund established under a settlement agreement this state |
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enters into as a result of litigation. |
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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, 2017. |