Bill Text: TX HB3579 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to investment of the economic stabilization fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-04-10 - Left pending in subcommittee [HB3579 Detail]
Download: Texas-2013-HB3579-Introduced.html
By: Strama | H.B. No. 3579 |
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relating to investment of the economic stabilization fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 404, Government Code, is | ||
amended by adding Section 404.0241 to read as follows: | ||
Sec. 404.0241. INVESTMENT OF THE ECONOMIC STABILIZATION FUND. | ||
(a) In this section "fund" means the economic stabilization | ||
fund as established under Article III Section 49-g of the Texas | ||
Constitution. | ||
(b) The comptroller shall invest any balance above $3 | ||
billion dollars in the fund in accordance with the Sec. 404.024(j) | ||
of the Government Code. | ||
(c) Due to withdrawal from the fund, the comptroller shall | ||
adjust investments undertaken in accordance with Sec. 404.024(j) in | ||
a prudent manner in order to redirect investments in accordance | ||
with Sec. 404.024 (a) through (i) and (k) through (n). | ||
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, 2013. |