Bill Text: TX HB3529 | 2017-2018 | 85th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the comptroller's investment of certain money held outside the state treasury.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2017-05-08 - Referred to Finance [HB3529 Detail]
Download: Texas-2017-HB3529-Introduced.html
Bill Title: Relating to the comptroller's investment of certain money held outside the state treasury.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2017-05-08 - Referred to Finance [HB3529 Detail]
Download: Texas-2017-HB3529-Introduced.html
85R13720 KLA-D | ||
By: Capriglione | H.B. No. 3529 |
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relating to the comptroller's investment of certain money held | ||
outside the state treasury. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 404, Government Code, is | ||
amended by adding Section 404.0242 to read as follows: | ||
Sec. 404.0242. INVESTMENT OF CERTAIN MONEY HELD OUTSIDE | ||
STATE TREASURY. (a) Notwithstanding any other law: | ||
(1) the comptroller shall invest state money held | ||
outside the state treasury and administered by the comptroller in | ||
accordance with the investment standard described by Section | ||
404.024(j); and | ||
(2) the comptroller's investment of that money is not | ||
subject to any other limitation or other requirement provided by | ||
Section 404.024. | ||
(b) The comptroller shall adjust the investment portfolio | ||
of an account or fund from which the comptroller invests money as | ||
provided by Subsection (a) periodically to ensure that the account | ||
or fund has sufficient liquidity to meet the cash flow requirements | ||
of the account or fund. | ||
(c) This section does not apply to money held outside the | ||
state treasury in trust by the comptroller as trustee for the | ||
benefit of specified persons, including money deposited in a trust | ||
account or fund established under a settlement agreement this state | ||
enters into as a result of litigation. | ||
SECTION 2. 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. |