Bill Text: TX HB3651 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the management and use of the Texas preservation trust fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-05-02 - Laid on the table subject to call [HB3651 Detail]
Download: Texas-2013-HB3651-Introduced.html
| 83R12201 JJT-F | ||
| By: Guillen | H.B. No. 3651 | |
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| relating to the management and use of the Texas preservation trust | ||
| fund. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 442.015, Government Code, is amended by | ||
| amending Subsections (a), (b), and (f) and adding Subsections (h), | ||
| (i), (j), (k), and (l) to read as follows: | ||
| (a) Notwithstanding Section 403.095, the Texas preservation | ||
| trust fund account is a separate account in the general revenue | ||
| fund. The account consists of transfers made to the account, loan | ||
| repayments, grants and donations made for the purposes of this | ||
| program, proceeds of sales, earnings [ |
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| the account, and any other money received under this | ||
| section. Distributions from [ |
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| only for the purposes of this section and may not be used to pay | ||
| operating expenses of the commission. Money allocated to the | ||
| commission's historic preservation grant program shall be | ||
| deposited to the credit of the account. Earnings [ |
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| on [ |
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| account. | ||
| (b) The commission may use distributions from [ |
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| Texas preservation trust fund account to provide financial | ||
| assistance to public or private entities for the acquisition, | ||
| survey, restoration, or preservation, or for planning and | ||
| educational activities leading to the preservation, of historic | ||
| property in the state that is listed in the National Register of | ||
| Historic Places or designated as a State Archeological Landmark or | ||
| Recorded Texas Historic Landmark, or that the commission determines | ||
| is eligible for such listing or designation. The financial | ||
| assistance may be in the amount and form and according to the terms | ||
| that the commission by rule determines. The commission shall give | ||
| priority to property the commission determines to be endangered by | ||
| demolition, neglect, underuse, looting, vandalism, or other threat | ||
| to the property. Gifts and grants deposited to the credit of the | ||
| account specifically for any eligible projects may be used only for | ||
| the type of projects specified. If such a specification is not | ||
| made, the gift or grant shall be unencumbered and accrue to the | ||
| benefit of the Texas preservation trust fund account. If such a | ||
| specification is made, the entire amount of the gift or grant may be | ||
| used during any period for the project or type of project specified. | ||
| (f) The advisory board shall recommend to the commission | ||
| rules for administering Subsections (a)-(e) [ |
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| (h) The comptroller shall manage the assets of the account. | ||
| In managing the assets of the account, the comptroller may acquire, | ||
| exchange, sell, supervise, manage, or retain, through procedures | ||
| and subject to restrictions the comptroller considers appropriate, | ||
| 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, and other | ||
| circumstances of the account then prevailing, taking into | ||
| consideration the investment of all the assets of the account | ||
| rather than a single investment. | ||
| (i) The amount of a distribution shall be determined by the | ||
| comptroller in a manner intended to provide a stable and | ||
| predictable stream of annual distributions and to maintain over | ||
| time the purchasing power of account investments and annual | ||
| distributions from the account. If the purchasing power of account | ||
| investments for any 10-year period is not preserved, the | ||
| comptroller may not increase annual distributions from the account | ||
| until the purchasing power of account investments is restored. | ||
| (j) An annual distribution made by the comptroller from the | ||
| account during a fiscal year may not exceed an amount equal to seven | ||
| percent of the average net fair market value of the investment | ||
| assets of the account as determined by the comptroller. | ||
| (k) The expenses of managing account investments shall be | ||
| paid from the account. | ||
| (l) On request, the comptroller shall fully disclose all | ||
| details concerning the investments of the account. | ||
| SECTION 2. This Act takes effect September 1, 2013. | ||
