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A BILL TO BE ENTITLED
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AN ACT
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relating to creation of the gulf coast protection trust fund to be |
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administered by the General Land Office. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 31, Natural Resources |
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Code, is amended by adding Section 31.070 to read as follows: |
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Sec. 31.070. GULF COAST PROTECTION TRUST FUND. (a) The |
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gulf coast protection trust fund is created as a trust fund outside |
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the treasury with the comptroller and shall be administered by the |
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land office under this section and rules adopted by the land office. |
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(b) The gulf coast protection trust fund consists of money |
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from: |
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(1) gifts, grants, or donations to the land office for |
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the protection of the gulf coast; or |
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(2) any other source designated by the legislature. |
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(c) Money in the gulf coast protection trust fund may be |
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used only to pay expenditures for the development of infrastructure |
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necessary or useful for protecting the gulf coast within the |
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territory of the Gulf Coast Protection District established under |
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Chapter 9502, Special District Local Laws Code. |
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(d) The land office may invest, reinvest, and direct the |
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investment of any available money in the gulf coast protection |
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trust fund. Money in the fund may be invested in the manner that |
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state funds may be invested under Section 404.024, Government Code. |
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SECTION 2. This Act takes effect September 1, 2023. |