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
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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.
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