By: Huffman, West 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)  In this section, "trust company" means the Texas
  Treasury Safekeeping Trust Company.
         (b)  The historic infrastructure sustainability trust fund
  is created as a trust fund outside the treasury 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 maintaining, preserving, rehabilitating, and
  restoring historic sites throughout the state.
         (c)  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)  any returns received from the investment of money
  in the fund.
         (d)  The trust company shall hold, manage, and invest the
  fund, and shall determine the amount available for distribution
  from the fund each year in accordance with a distribution policy
  adopted by the comptroller. The distribution policy must be
  designed to preserve the purchasing power of the assets of the fund,
  provide a stable and predictable series of annual distributions
  from the fund, and meet the liquidity needs of the fund as
  necessary. The expenses of managing the fund and its assets shall
  be paid from the fund. Except as otherwise provided by this
  section, money in the fund may not be used for any other purpose.
         (e)  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, 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. At the request of the trust
  company, the commission shall provide the trust company with
  information the trust company determines is necessary to ensure
  that the trust company is able to achieve the objectives specified
  by Subsection (d).
         (f)  The commission annually may request a distribution from
  the fund in an amount that may not exceed the amount the trust
  company determines is available for distribution in the applicable
  year under Subsection (d). Money distributed from the fund to the
  commission may be used only 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
  allocate at least one-third of each annual distribution from the
  fund under this subsection for the historic courthouse preservation
  program. The commission may not use money received from an annual
  distribution under this subsection to pay salaries, employee
  benefits, costs associated with employee benefits, or
  administration, operating, or program costs of the commission.
         (g)  Subject to Subsection (h) and not more frequently than
  once each calendar year, the commission may request an additional
  distribution from the fund in an amount that exceeds the amount the
  trust company determines is available for distribution from the
  fund in that year under Subsection (d). An additional distribution
  under this subsection may be used for a purpose described by
  Subsection (f). The trust company may not make an additional
  distribution under this subsection if the distribution would
  negatively affect the purchasing power of the assets of the fund as
  determined by the terms of the distribution policy adopted by the
  comptroller under Subsection (d).
         (h)  The commission may receive an additional distribution
  from the fund under Subsection (g) only 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 state historic sites under
  the control of the commission;
                     (B)  acquire new historic sites or real property;
  or
                     (C)  purchase capital equipment that is not
  related to the rehabilitation or restoration of a historic site
  under the control of the commission or the historic courthouse
  preservation program under Section 442.0081.
         (i)  All expenditures by the commission under this section
  are subject to audit by the state auditor.
         (j)  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.