By: Huffman S.B. No. 1332
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the provision of funding to the Texas Historical
  Commission for state historic sites.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 442.0083(e), Government Code, is amended
  to read as follows:
         (e)  A grant for a historic courthouse project may not exceed
  the greater of $10 million [$6 million] or two percent of the amount
  appropriated for implementing the historic courthouse preservation
  program during the state fiscal biennium.
         SECTION 2.  Subchapter A, Chapter 442, Government Code, is
  amended by adding Section 442.0151 to read as follows:
         Sec. 442.0151.  HISTORIC INFRASTRUCTURE SUSTAINABILITY
  TRUST FUND. (a) The historic infrastructure sustainability trust
  fund is created as a trust fund outside the treasury held by the
  Texas Treasury Safekeeping Trust Company and administered by the
  comptroller as trustee on behalf of the people of this state to
  generate earnings on money in the fund for the purpose of
  maintaining, preserving, rehabilitating, and restoring historic
  sites throughout the state. In this section, "trust company" means
  the Texas Treasury Safekeeping Trust Company, and "commission"
  means the Texas Historical Commission.
         (b)  The fund consists of:
               (1)  money appropriated or transferred to the fund at
  the direction of the legislature;
               (2)  gifts, grants, and donations received by the
  commission for a purpose for which money in the fund may be used
  under this section; and
               (3)  the returns received from investment of money in
  the fund.
         (b)  The trust company shall hold, manage, and invest the
  fund. The trust company shall determine the amount available for
  distribution from the fund determined in accordance with a
  distribution policy that is adopted by the comptroller and designed
  to preserve the purchasing power of the fund's assets, provide a
  stable and predictable stream of annual distributions, and meet
  liquidity needs of the fund as appropriate. The expenses of
  managing the fund and its assets shall be paid from the fund. Except
  as provided by this section, money in the fund may not be used for
  any other purpose. 
         (c)  In managing the assets of the fund, 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, distribution
  requirements, liquidity requirements, and other circumstances of
  the fund then prevailing, taking into consideration the investment
  of all the assets of the fund rather than a single investment. The
  commission will provide the trust company with a cash flow forecast
  at least annually, and more frequently as appropriate, for purposes
  of distribution and liquidity requirements.
         (d)  The commission may request an annual fund distribution
  not to exceed the amount the trust company determines available for
  distribution as provided under subsection (b). The amount
  distributed may only be used for the purpose of maintaining,
  preserving, rehabilitating, and restoring state historic sites
  under the control of the commission and for the historic courthouse
  preservation program under Section 442.0081. The commission shall
  spend at least one-third of the funds distributed on the historic
  courthouse preservation program. Money in the fund may not be used
  to pay salaries, employee benefits, costs associated with employee
  benefits, or administration, operating, or program costs of the
  commission.
         (e)  Subject to subsection (f), not more frequently than once
  per calendar year, the commission may request an additional
  distribution from the fund in excess of the amount the trust company
  determines is available for distribution under the terms of
  subsection (b), to be used for the purposes described in subsection
  (d). The amount requested pursuant to this subsection shall not
  exceed the amount distributed to the commission pursuant to the
  comptroller's policy in the preceding calendar year. 
         (f)  The commission may approve a distribution of the fund
  authorized under Subsection (e) after the commission certifies to
  the Legislative Budget Board that:
               (1)  the commission has reviewed and approved the use
  of the money;
               (2)  all purchases made with the money will conform to
  any applicable provision of law governing state procurement and
  contracting; and
               (3)  the money will not be used to:
                     (A)  pay salaries, employee benefits, costs
  associated with employee benefits, or administration, operating or
  program costs of the commission or the buildings or grounds subject
  to its authority;
                     (B)  acquire new historic sites or real property;
  or
                     (C)  purchase capital equipment that is not
  related to the rehabilitation or restoration of a building or
  grounds.
         (g)  All expenditures by the commission under this section
  are subject to audit by the state auditor.
         (h)  The commission shall include in the strategic plan
  submitted under Section 2056.002 a report on each project funded
  using money in the fund during the two-year period preceding the
  date on which the commission submits the plan and a list of each
  project the commission anticipates will be funded using money in
  the fund for the period covered by the plan.
         SECTION 3.  Section 442.073, Government Code, is amended by
  amending Subsection (d) and adding Subsection (e) to read as
  follows:
         (d)  Except as provided by Subsection (e), money [Money] in
  the account may be used only to administer, operate, preserve,
  repair, expand, or otherwise maintain a historic site or to acquire
  a historical item appropriate to a historic site.
         (e)  The commission may make an expenditure from the account
  for a historic site that is not described by Section 442.072(a).
  The commission shall provide notice of an expenditure described by
  this subsection to the Legislative Budget Board not later than the
  30th day after the date the commission makes the expenditure. The
  Legislative Budget Board may establish the procedure by which the
  commission provides notice to the board under this subsection.
         SECTION 4.  This Act takes effect September 1, 2023.