Bill Text: TX SB1332 | 2023-2024 | 88th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the provision of funding to the Texas Historical Commission for state historic sites.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Passed) 2023-05-19 - Effective on 9/1/23 [SB1332 Detail]

Download: Texas-2023-SB1332-Introduced.html

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By: Huffman S.B. No. 1332

A BILL TO BE ENTITLED
AN ACT
relating to the provision of funding to the Texas Historical
Commission for state historic sites.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 442.0083(e), Government Code, is amended
to read as follows:
(e) A grant for a historic courthouse project may not exceed
the greater of $10 million [$6 million] or two percent of the amount
appropriated for implementing the historic courthouse preservation
program during the state fiscal biennium.
SECTION 2. Subchapter A, Chapter 442, Government Code, is
amended by adding Section 442.0151 to read as follows:
Sec. 442.0151. HISTORIC INFRASTRUCTURE SUSTAINABILITY
TRUST FUND. (a) The historic infrastructure sustainability 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
maintaining, preserving, rehabilitating, and restoring historic
sites throughout the state. In this section, "trust company" means
the Texas Treasury Safekeeping Trust Company, and "commission"
means the Texas Historical Commission.
(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.
(b) 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.
(c) 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
commission 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.
(d) The commission may request an annual fund distribution
not to exceed the amount the trust company determines available for
distribution as provided under subsection (b). The amount
distributed may only be used for the purpose of maintaining,
preserving, rehabilitating, and restoring state historic sites
under the control of the commission and for the historic courthouse
preservation program under Section 442.0081. The commission shall
spend at least one-third of the funds distributed on the historic
courthouse preservation program. 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
commission.
(e) Subject to subsection (f), not more frequently than once
per calendar year, the commission may request an additional
distribution from the fund in excess of the amount the trust company
determines is available for distribution under the terms of
subsection (b), to be used for the purposes described in subsection
(d). The amount requested pursuant to this subsection shall not
exceed the amount distributed to the commission pursuant to the
comptroller's policy in the preceding calendar year.
(f) The commission may approve a distribution of the fund
authorized under Subsection (e) after the commission certifies to
the Legislative Budget Board that:
(1) the commission has reviewed and approved the use
of the money;
(2) all purchases made with the money will conform to
any applicable provision of law governing state procurement and
contracting; and
(3) the money will not be used to:
(A) pay salaries, employee benefits, costs
associated with employee benefits, or administration, operating or
program costs of the commission or the buildings or grounds subject
to its authority;
(B) acquire new historic sites or real property;
or
(C) purchase capital equipment that is not
related to the rehabilitation or restoration of a building or
grounds.
(g) All expenditures by the commission under this section
are subject to audit by the state auditor.
(h) The commission shall include in the strategic plan
submitted under Section 2056.002 a report on each project funded
using money in the fund during the two-year period preceding the
date on which the commission submits the plan and a list of each
project the commission anticipates will be funded using money in
the fund for the period covered by the plan.
SECTION 3. Section 442.073, Government Code, is amended by
amending Subsection (d) and adding Subsection (e) to read as
follows:
(d) Except as provided by Subsection (e), money [Money] in
the account may be used only to administer, operate, preserve,
repair, expand, or otherwise maintain a historic site or to acquire
a historical item appropriate to a historic site.
(e) The commission may make an expenditure from the account
for a historic site that is not described by Section 442.072(a).
The commission shall provide notice of an expenditure described by
this subsection to the Legislative Budget Board not later than the
30th day after the date the commission makes the expenditure. The
Legislative Budget Board may establish the procedure by which the
commission provides notice to the board under this subsection.
SECTION 4. This Act takes effect September 1, 2023.