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A BILL TO BE ENTITLED
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AN ACT
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relating to the investment and management of certain funds by the |
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comptroller; making an appropriation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter F, Chapter 404, Government Code, is |
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amended by adding Section 404.0945 to read as follows: |
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Sec. 404.0945. MANAGEMENT OF MARKETABLE SECURITIES. (a) |
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Notwithstanding Section 404.094 or any other law, the comptroller |
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may hold a marketable security received by the comptroller outside |
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the state treasury. |
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(b) After liquidating a marketable security held outside |
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the treasury under Subsection (a), the comptroller: |
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(1) may pay the reasonable and necessary expenses for |
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the holding and liquidation of the security from the proceeds of the |
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sale; and |
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(2) shall deposit the net proceeds of the sale in the |
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state treasury in accordance with Section 404.094. |
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SECTION 2. Section 2256.004(a), Government Code, is amended |
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to read as follows: |
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(a) This subchapter does not apply to: |
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(1) a public retirement system as defined by Section |
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802.001; |
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(2) state funds invested by the comptroller [as |
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authorized by Section 404.024]; |
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(3) an institution of higher education having total |
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endowments of at least $150 million in book value on September 1, |
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2017; |
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(4) funds invested by the Veterans' Land Board as |
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authorized by Chapter 161, 162, or 164, Natural Resources Code; |
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(5) registry funds deposited with the county or |
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district clerk under Chapter 117, Local Government Code; or |
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(6) a deferred compensation plan that qualifies under |
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either Section 401(k) or 457 of the Internal Revenue Code of 1986 |
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(26 U.S.C. Section 1 et seq.), as amended. |
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SECTION 3. On the effective date of this Act, |
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notwithstanding any other law, the marketable securities held in |
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the general revenue fund of the state treasury as provided by |
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Chapter 74, Property Code, are appropriated to the comptroller of |
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public accounts to be held outside the state treasury and |
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administered by the comptroller in accordance with Section |
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404.0945, Government Code, as added by this Act. |
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SECTION 4. This Act takes effect September 1, 2025. |