| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
| |
|
|
relating to the centennial parks conservation fund. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Title 3, Parks and Wildlife Code, is amended by |
|
|
adding Chapter 21A to read as follows: |
|
|
CHAPTER 21A. CENTENNIAL PARKS CONSERVATION FUND |
|
|
Sec. 21A.001. DEFINITIONS. In this chapter: |
|
|
(1) "Fund" means the centennial parks conservation |
|
|
fund established under Section 49-e-1, Article III, Texas |
|
|
Constitution. |
|
|
(2) "Trust company" means the Texas Treasury |
|
|
Safekeeping Trust Company. |
|
|
Sec. 21A.002. ADMINISTRATION AND MANAGEMENT OF FUND. (a) |
|
|
The centennial parks conservation fund is held by the trust company |
|
|
and administered by the comptroller as trustee on behalf of the |
|
|
people of this state to generate earnings on money in the fund for |
|
|
the purpose of the creation and improvement of state parks. |
|
|
(b) The trust company shall: |
|
|
(1) hold, manage, and invest the fund; and |
|
|
(2) determine the amount available for distribution |
|
|
from the fund in accordance with a distribution policy adopted by |
|
|
the comptroller that is designed to: |
|
|
(A) preserve the purchasing power of the fund's |
|
|
assets; |
|
|
(B) provide a stable and predictable stream of |
|
|
annual distributions; and |
|
|
(C) meet any necessary liquidity needs of the |
|
|
fund. |
|
|
(c) The expenses of managing the fund and its assets shall |
|
|
be paid from the fund. Except as otherwise provided by this chapter |
|
|
and Section 49-e-1, Article III, Texas Constitution, money in the |
|
|
fund may not be used for any other purpose. |
|
|
(d) In managing the assets of the fund, through procedures |
|
|
and subject to restrictions the trust company considers |
|
|
appropriate, the trust company may acquire, exchange, sell, |
|
|
supervise, manage, or retain any kind of investment that a prudent |
|
|
investor, exercising reasonable care, skill, and caution, would |
|
|
acquire or retain in light of the purposes, terms, distribution |
|
|
requirements, liquidity requirements, and other circumstances of |
|
|
the fund then prevailing, taking into consideration the investment |
|
|
of all the fund assets rather than a single investment. |
|
|
(e) The department shall provide the trust company with a |
|
|
cash flow forecast at least annually, and more frequently as |
|
|
appropriate, to ensure the trust company is able to satisfy the |
|
|
distribution and liquidity requirements of the fund. |
|
|
Sec. 21A.003. REQUEST FOR DISTRIBUTION. The department may |
|
|
request from the trust company a distribution from the fund for the |
|
|
purpose of acquiring real property in this state for the creation |
|
|
and improvement of publicly accessible state parks. |
|
|
Sec. 21A.004. REQUIRED APPROVAL OF ACQUISITION. (a) The |
|
|
department must submit to the Legislative Budget Board a request |
|
|
for approval of a proposed acquisition of real property under this |
|
|
chapter before the property is acquired. |
|
|
(b) A request to the Legislative Budget Board under this |
|
|
section shall be considered approved on the 30th day after the date |
|
|
the request is submitted unless the request is approved or |
|
|
disapproved before that date. |
|
|
Sec. 21A.005. PROHIBITED EXPENDITURES. Money in the fund |
|
|
may not be used: |
|
|
(1) to pay salaries, employee benefits, costs |
|
|
associated with employee benefits, or administration, operating, |
|
|
or program costs of the department; or |
|
|
(2) for the maintenance or operation of state parks. |
|
|
Sec. 21A.006. EXPENDITURES SUBJECT TO AUDIT. All |
|
|
expenditures by the department under this chapter are subject to |
|
|
audit by the state auditor. |
|
|
Sec. 21A.007. STRATEGIC PLAN. The department shall include |
|
|
in each strategic plan submitted under Section 2056.002, Government |
|
|
Code, a report on each acquisition funded using money in the fund |
|
|
during the two-year period preceding the date on which the |
|
|
department submits the plan. |
|
|
SECTION 2. This Act takes effect January 1, 2024, but only |
|
|
if the constitutional amendment proposed by the 88th Legislature, |
|
|
Regular Session, 2023, providing for the creation of the centennial |
|
|
parks conservation fund to be used for the creation and improvement |
|
|
of state parks is approved by the voters. If that amendment is not |
|
|
approved by the voters, this Act has no effect. |
|
|
|
|
|
* * * * * |