Bill Text: TX HB2716 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the investment authority of certain independent school districts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-04-30 - Left pending in committee [HB2716 Detail]
Download: Texas-2013-HB2716-Introduced.html
| 83R10446 CJC-D | ||
| By: Eiland | H.B. No. 2716 | |
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| relating to the investment authority of certain independent school | ||
| districts. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2256.004(a), Government Code, is amended | ||
| to read as follows: | ||
| (a) This subchapter does not apply to: | ||
| (1) a public retirement system as defined by Section | ||
| 802.001; | ||
| (2) state funds invested as authorized by Section | ||
| 404.024; | ||
| (3) an institution of higher education having total | ||
| endowments of at least $95 million in book value on May 1, 1995; | ||
| (4) funds invested by the Veterans' Land Board as | ||
| authorized by Chapter 161, 162, or 164, Natural Resources Code; | ||
| (5) registry funds deposited with the county or | ||
| district clerk under Chapter 117, Local Government Code; [ |
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| (6) a deferred compensation plan that qualifies under | ||
| either Section 401(k) or 457 of the Internal Revenue Code of 1986 | ||
| (26 U.S.C. Section 1 et seq.), as amended; or | ||
| (7) an independent school district with a total | ||
| district general fund balance greater than four times the average | ||
| monthly operating expenses of the district. | ||
| 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. | ||
