Bill Text: TX HB4452 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the authority of the legislature to vest the power to invest and manage certain public funds in certain officers, boards, and entities.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-11 - Left pending in committee [HB4452 Detail]
Download: Texas-2019-HB4452-Introduced.html
| By: Bonnen of Galveston | H.B. No. 4452 | |
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| relating to the authority of the legislature to vest the power to | ||
| invest and manage certain public funds in certain officers, boards, | ||
| and entities. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 2256, Government Code, is | ||
| amended by adding a new Section 2256.056 to read as follows: | ||
| Sec. 2256.056. INVESTMENT AND MANAGEMENT OF PUBLIC FUNDS. | ||
| Notwithstanding any other provision of law, the legislature may | ||
| vest the power to invest and manage public funds, including funds | ||
| established by the constitution other than the fund established | ||
| under Article VII, Section 11, in any public officer of this state, | ||
| a board composed of public officers of this state, or an entity that | ||
| is governed by appointees of public officers of this state by | ||
| designating that officer, board, or entity in the general | ||
| appropriations act. | ||
| SECTION 2. This Act takes effect January 1, 2020, but only | ||
| if the constitutional amendment proposed by the 86th Legislature, | ||
| Regular Session, 2019, authorizing the legislature to vest the | ||
| power to invest and manage public funds in certain officers, board, | ||
| and entities is approved by the voters. If that proposed | ||
| constitutional amendment is not approved by the voters, this Act | ||
| has no effect. | ||
