Bill Text: TX SR681 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Recognizing B. Holland Timmins on the occasion of his retirement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2023-05-26 - Reported enrolled [SR681 Detail]
Download: Texas-2023-SR681-Enrolled.html
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| WHEREAS, B. Holland Timmins is retiring from his role as | ||
| the chief executive officer of the Texas Permanent School Fund | ||
| Corporation on May 31, 2023, drawing to a close an outstanding | ||
| career in state investment that has spanned four decades; and | ||
| WHEREAS, A seventh-generation Texan and the grandson of a | ||
| public school history teacher, Mr. Timmins began his career | ||
| serving the Lone Star State in 1983; over the course of his | ||
| 23-year tenure with the Texas Permanent School Fund Corporation, | ||
| the organization's value has grown from $17 billion to more than | ||
| $50 billion, and its returns have exceeded the benchmark and | ||
| provided an additional value of $1.3 billion to the fund; and | ||
| WHEREAS, Along the way, Mr. Timmins has partnered with the | ||
| State Board of Education to achieve intergenerational equity for | ||
| all students while protecting the Texas Permanent School Fund, | ||
| and $18 billion has been distributed to public education over the | ||
| last 18 years; following the adoption of a constitutional | ||
| amendment in 2003, he worked with the State Board of Education to | ||
| direct the transition of the fund from a traditional | ||
| stocks-and-bonds income-based investment portfolio to a modern | ||
| and diversified total-return investment portfolio; he has also | ||
| overseen the successful transition of the Texas Permanent School | ||
| Fund's assets and management to the Texas Permanent School Fund | ||
| Corporation, a complex effort that merged investments and staff | ||
| from two separate state entities into a stand-alone, top-tier | ||
| corporation; and | ||
| WHEREAS, Under this esteemed professional's able | ||
| leadership, the Texas Permanent School Fund Corporation has | ||
| earned numerous honors; the organization was named the Sovereign | ||
| Wealth Fund of the Year at the 17th Annual Hedge Fund Industry | ||
| Awards and the Global Real Estate Investor of the Year at the 2019 | ||
| IPE Real Estate Global Conference & Awards; it has also been | ||
| recognized with the Certificate of Achievement for Excellence in | ||
| Financial Reporting by the Government Finance Officers | ||
| Association for the past eight consecutive years; and | ||
| WHEREAS, Throughout his career, Holland Timmins has | ||
| greatly benefited the State of Texas and its public schools, and | ||
| he has earned the lasting respect and admiration of his | ||
| colleagues and fellow citizens alike; now, therefore, be it | ||
| RESOLVED, That the Senate of the State of Texas, 88th | ||
| Legislature, hereby congratulate B. Holland Timmins on his | ||
| retirement as the chief executive officer of the Texas Permanent | ||
| School Fund Corporation and extend to him sincere best wishes for | ||
| the future; and, be it further | ||
| RESOLVED, That an official copy of this Resolution be | ||
| prepared for Mr. Timmins as an expression of high regard from the | ||
| Texas Senate. | ||
| Eckhardt | ||
| ________________________________ | ||
| President of the Senate | ||
| I hereby certify that the | ||
| above Resolution was adopted by | ||
| the Senate on May 26, 2023. | ||
| ________________________________ | ||
| Secretary of the Senate | ||
| ________________________________ | ||
| Member, Texas Senate | ||
