By: Walle H.B. No. 4177
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the acquisition of park land by the Texas parks and
  wildlife department: making an appropriation
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 11, Parks and Wildlife
  Code, is amended by adding Section 11.048 to read as follows:
         Sec. 11.048.  STATE PARK LANDS ACQUISITION TRUST FUND. (a)
  The state park lands acquisition trust fund is created as a trust
  fund outside the treasury held by the Texas Treasury Safekeeping
  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 acquiring real property for the
  expansion and creation of state parks. In this section, "trust
  company" means the Texas Treasury Safekeeping Trust Company, and
  "department" means the Texas Parks and Wildlife Department.
         (b)  The fund consists of:
               (1)  money appropriated or transferred to the fund at
  the direction of the legislature;
               (2)  gifts, grants, and donations received by the
  commission for a purpose for which money in the fund may be used
  under this section; and 
               (3)  the returns received from investment of money in
  the fund.
         (c)  The trust company shall hold, manage, and invest the
  fund.  The trust company shall determine the amount available for
  distribution from the fund determined in accordance with a
  distribution policy that is adopted by the comptroller and designed
  to preserve the purchasing power of the fund's assets, provide a
  stable and predictable stream of annual distributions, and meet
  liquidity needs of the fund as appropriate. The expenses of
  managing the fund and its assets shall be paid from the fund.
  Except as provided by this section, 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 assets of the fund rather than a single investment. The
  department will provide the trust company with a cash flow forecast
  at least annually, and more frequently as appropriate, for purposes
  of distribution and liquidity requirements.
         (e)  The department may request a fund distribution from the
  trust company for the purpose of acquiring real property within the
  state of Texas for the purpose of expanding or creating publicly
  accessible state parks. The department is required to obtain
  written approval from the Legislative Budget Board before such a
  land purchase may be completed. A request to the Legislative Budget
  Board under this section shall be considered approved after 30 days
  of submission unless disapproved by the board before that time.
  Money in the fund may not be used to pay salaries, employee
  benefits, costs associated with employee benefits, or
  administration, operating, or program costs of the department.
  Money in the fund may not be used for the maintenance or operation
  of state parks.
         (f)  All expenditures by the department under this section
  are subject to audit by the state auditor.
         (g)  The department shall include in the strategic plan
  submitted under Section 2056.002 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.  On January 1, 2023, the comptroller of public
  accounts shall transfer $1,000,000,000 from the economic
  stabilization fund to the state park land acquisition trust fund
  established by this act.
         SECTION 3.  This Act takes effect September 1, 2023.