Bill Text: TX HB3064 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the dedication and maximization of returns on payments received by this state for economic losses sustained from the Deepwater Horizon oil spill.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-28 - Referred to Appropriations [HB3064 Detail]
Download: Texas-2017-HB3064-Introduced.html
85R10346 KLA-D | ||
By: Guillen | H.B. No. 3064 |
|
||
|
||
relating to the dedication and maximization of returns on payments | ||
received by this state for economic losses sustained from the | ||
Deepwater Horizon oil spill. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter G, Chapter 403, Government Code, is | ||
amended by adding Section 403.108 to read as follows: | ||
Sec. 403.108. TEXAS GULF RECOVERY FUND. (a) In this | ||
section: | ||
(1) "Deepwater Horizon incident" means the oil spill | ||
occurring from the MC252 well beginning in April 2010 in the Gulf of | ||
Mexico. | ||
(2) "Fund" means the Texas Gulf recovery fund. | ||
(3) "Trust company" means the Texas Treasury | ||
Safekeeping Trust Company. | ||
(b) The Texas Gulf recovery fund is a special fund in the | ||
state treasury outside the general revenue fund. The fund is | ||
composed of: | ||
(1) all money received by this state for general | ||
economic losses that is paid in accordance with: | ||
(A) the Gulf States Economic Claims Settlement | ||
Agreement arising in part out of this state's case styled Texas v. | ||
BP Exploration & Production Inc., et al., No. 13-cv-4677, filed | ||
June 18, 2013, in the United States District Court, Eastern | ||
District of Louisiana, and consolidated in the multidistrict | ||
litigation known as MDL 2179 in that court; or | ||
(B) the Master Settlement Agreement entered into | ||
by Transocean Offshore Deepwater Drilling Inc., Transocean | ||
Deepwater Inc., Transocean Holdings LLC, and Triton Asset Leasing | ||
GmbH, this state, and other Gulf states arising out of litigation | ||
from the Deepwater Horizon incident consolidated in the | ||
multidistrict litigation known as MDL 2179 in the United States | ||
District Court, Eastern District of Louisiana; and | ||
(2) interest received from the investment of fund | ||
assets. | ||
(c) On receipt, the comptroller shall deposit money | ||
described by Subsection (b)(1) to the credit of the fund. | ||
(d) Except as otherwise provided by this section, the | ||
comptroller shall administer the fund and may establish separate | ||
accounts in the fund as necessary. | ||
(e) The trust company shall hold and invest the assets of | ||
the fund and any accounts established in the fund on behalf of the | ||
comptroller, taking into account the purposes for which the fund is | ||
established. In managing the fund assets, 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, and other circumstances of | ||
the fund then prevailing, taking into consideration the investment | ||
of all the fund assets rather than a single investment. The trust | ||
company may invest the fund assets with the state treasury pool. | ||
(f) Expenses of managing the fund assets shall be paid from | ||
the fund, notwithstanding Subsections (g) and (h). | ||
(g) Until September 1, 2033, the sole purpose of the fund is | ||
to maximize the return on investment of the fund assets. Money in | ||
the fund may not be appropriated for any purpose for a period | ||
beginning before September 1, 2033. This subsection expires | ||
September 1, 2033. | ||
(h) Money in the fund may be appropriated only: | ||
(1) for a period beginning on or after September 1, | ||
2033; and | ||
(2) for ecological, environmental, or economic | ||
projects benefiting areas of this state bordering the Gulf of | ||
Mexico that sustained environmental or ecological damage or other | ||
economic losses as a result of the Deepwater Horizon incident. | ||
(i) The fund is exempt from the application of Section | ||
403.095. | ||
SECTION 2. Section 404.071(a), Government Code, is amended | ||
to read as follows: | ||
(a) Interest received from investments of money in funds and | ||
accounts in the charge of the comptroller shall be allocated on a | ||
monthly basis as follows: | ||
(1) the pro rata portion of the interest received due | ||
to each constitutional fund shall be credited to that fund; | ||
(2) the pro rata portion of the interest received due | ||
to the game, fish, and water safety fund shall be credited to that | ||
fund; | ||
(2-a) the pro rata portion of the interest received from | ||
the investment of the Texas Gulf recovery fund shall be credited to | ||
that fund; and | ||
(3) the remainder of the interest received shall be | ||
credited to the general revenue fund. | ||
SECTION 3. On the effective date of this Act, the | ||
comptroller of public accounts shall transfer from the general | ||
revenue fund to the Texas Gulf recovery fund established under | ||
Section 403.108, Government Code, as added by this Act, an amount of | ||
money equal to the amounts of money described by Section | ||
403.108(b)(1), Government Code, as added by this Act, that were | ||
received by this state before the effective date of this Act. | ||
SECTION 4. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2017. |