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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of the Texas state buildings preservation |
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endowment fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 443.0102(b), Government Code, is amended |
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to read as follows: |
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Sec. 443.0102(b). The Texas state buildings preservation |
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endowment [Capitol] fund created by Section 443.0103 [443.0101] is |
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not subject to Subchapter F, Chapter 404. A provision of this |
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chapter or other law that provides for the deposit of money or |
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another thing of value into the fund prevails over Subchapter F, |
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Chapter 404. |
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SECTION 2. Section 443.0103, Government Code, is amended to |
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read as follows: |
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Sec. 443.0103. [CAPITAL RENEWAL] TEXAS STATE BUILDINGS |
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PRESERVATION ENDOWMENT [TRUST] FUND. (a) The Texas state |
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buildings preservation [capital renewal] endowment [trust] fund is |
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created as a [trust] fund outside the treasury to maintain, |
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preserve, rehabilitate, and restore the buildings and grounds over |
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which the board has authority. The fund is composed of: |
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(1) Money transferred or appropriated to the fund by |
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the legislature; |
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(2) Money transferred to the fund from former capital |
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renewal trust fund, Governor's Mansion renewal trust fund and the |
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State Cemetery preservation trust fund; |
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(3) gifts, grants, and donations contributed to the |
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fund for a purpose for which money in the fund may be used under this |
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section; and |
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(4) the returns received from investment of money in |
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the fund. |
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[with the comptroller and shall be administered by the board, as a |
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trustee on behalf of the people of this state, to maintain and |
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preserve the Capitol, the General Land Office Building, their |
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contents, and their grounds. The fund consists of money transferred |
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to the fund: |
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[(1) at the direction of the legislature; or |
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(2) in accordance with this section] |
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(b) In this section, "trust company" means the Texas |
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Treasury Safekeeping Trust Company, and "board" means the state |
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preservation board. The trust company shall hold, manage, and |
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invest the fund. The trust company shall determine the amount |
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available for distribution from the fund determined in accordance |
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with a distribution policy that is adopted by the comptroller and |
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designed to preserve the purchasing power of the fund's assets, |
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provide a stable and predictable stream of annual distributions, |
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and meet liquidity needs of the fund as appropriate. The expenses |
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of managing the fund and its assets shall be paid from the fund. |
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Except as provided by this section, money in the fund may not be |
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used for any other purpose. |
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(c) In managing the assets of the fund, through procedures |
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and subject to restrictions the trust company considers |
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appropriate, the trust company may acquire, exchange, sell, |
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supervise, manage, or retain any kind of investment that a prudent |
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investor, exercising reasonable care, skill, and caution, would |
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acquire or retain in light of the purposes, terms, distribution |
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requirements, liquidity requirements, and other circumstances of |
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the fund then prevailing, taking into consideration the investment |
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of all the assets of the fund rather than a single investment. The |
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board will provide the trust company with a cash flow forecast at |
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least annually, and more frequently as appropriate, for purposes of |
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distribution and liquidity requirements. |
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(d) The board may request an annual fund distribution not to |
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exceed the amount the trust company determines available for |
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distribution as provided under subsection (b). The amount |
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distributed may only be used [(b) Money in the fund may be used |
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only] for the purpose of maintaining, [and] preserving, |
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rehabilitating, and restoring the buildings and grounds over which |
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the board has authority. The board shall spend at least one-third |
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of the funds distributed on projects at the Bob Bullock Texas State |
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History Museum, with the exception of funds transferred from the |
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former capital renewal trust fund, Governor's Mansion renewal trust |
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fund and the State Cemetery preservation trust fund. Distributed |
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funds may be used to acquire land in close proximity to the State |
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Cemetery for expansion of the cemetery with the written approval of |
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the Legislative Budget Board. Money in the fund may not be used to |
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pay salaries, employee benefits, costs associated with employee |
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benefits, or administration, operating, or program costs of the |
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board or the buildings and grounds over which the board has |
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authority [the Capitol, the General Land Office Building, their |
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contents, and their grounds]. |
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(e) Subject to subsection (f), not more frequently than once |
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per calendar year, the board may request an additional distribution |
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from the fund in excess of the amount the trust company determines |
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is available for distribution under the terms of subsection (b), to |
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be used for the purposes described in subsection (d). The amount |
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requested pursuant to this subsection shall not exceed the amount |
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distributed to the board pursuant to the comptroller's policy in |
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the preceding calendar year. |
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(f) The board may approve a distribution of the fund |
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authorized under Subsection (e) after it certifies to the |
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legislative budget board that: |
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(1) the board has reviewed and approved the use of the |
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money; |
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(2) all purchases made with the money will conform to |
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any applicable provision of law governing state procurement and |
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contracting; and |
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(3) the money will not be used to: |
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(A) pay salaries, employee benefits, costs |
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associated with employee benefits, or administration, operating or |
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program costs of the board or the buildings or grounds subject to |
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its authority; |
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(B) acquire new historic sites or real property; |
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or |
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(C) purchase capital equipment that is not |
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related to the rehabilitation or restoration of a building or |
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grounds. |
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(g) All expenditures by the board under this section are |
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subject to audit by the state auditor. |
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(h) The board shall include in the strategic plan submitted |
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under Section 2056.002 a report on each project funded using money |
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in the fund during the two-year period preceding the date on which |
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the board submits the plan and a list of each project the board |
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anticipates will be funded using money in the fund for the period |
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covered by the plan. |
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[(c) The interest received from investment of money in the |
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fund shall be credited to the fund. |
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[(d) The board may transfer money from any account of the |
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Capitol fund to the capital renewal trust fund, other than money |
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that was donated to the board, derived from a security or other |
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thing of value donated to the board, or earned as interest or other |
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income on a donation to the board, if the board determines that |
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after the transfer there will be a sufficient amount of money in the |
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applicable account of the Capitol fund to accomplish the purposes |
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for which the account was created. |
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[(e) The board may transfer money from the capital renewal |
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trust fund to any account of the Capitol fund, provided that money |
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transferred shall only be used for the purposes outlined in |
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Subsection (b).] |
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SECTION 3. On September 1, 2024, the unencumbered balance |
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of the capital renewal trust fund is transferred to the comptroller |
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of public accounts for deposit in the Texas state buildings |
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preservation endowment fund created under Section 443.0103, |
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Government Code, as amended by this Act. These transferred funds |
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are considered available for expenditure under Subsection (e), |
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Section 443.0103, Government Code, and are not subject to the |
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one-third museum expenditure requirement in Subsection (d) of that |
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Section. |
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SECTION 4. On September 1, 2024, the Governor 's Mansion |
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renewal trust fund and the State Cemetery preservation trust fund |
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are abolished and the unencumbered balances of those funds are |
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transferred to the comptroller of public accounts for deposit in |
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the Texas state buildings preservation endowment fund created under |
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Section 443.0103, Government Code, as amended by this Act. These |
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transferred funds are considered available for expenditure under |
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Subsection (e), Section 443.0103, Government Code, and are not |
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subject to the one-third museum expenditure requirement in |
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Subsection (d) of that Section. |
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SECTION 5. On September 1, 2024, the following provisions |
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of the Government Code are repealed: |
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(1) Section 443.0295; |
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(2) Section 2165.2565, as added by Chapter 72 (S.B. |
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574), Acts of the 84th Legislature, Regular Session, 2015; and |
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(3) Section 2165.2565, as added by Chapter 932 (H.B. |
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2206), Acts of the 84th Legislature, Regular Session, 2015. |
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SECTION 6. This Act takes effect September 1, 2023. |