Bill Text: TX HB4305 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Relating to purchasing gold and silver bullion for this state to hold in the Texas Bullion Depository; making an appropriation.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-21 - Referred to Pensions, Investments & Financial Services [HB4305 Detail]

Download: Texas-2023-HB4305-Introduced.html

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88R13494 KJE-D
By: Dorazio H.B. No. 4305

A BILL TO BE ENTITLED
AN ACT
relating to purchasing gold and silver bullion for this state to
hold in the Texas Bullion Depository; making an appropriation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. (a) The comptroller of public accounts shall
undertake to purchase during the state fiscal biennium beginning
September 1, 2023:
(1) $4 billion worth of gold bullion; and
(2) $1 billion worth of silver bullion.
(b) The comptroller of public accounts shall deposit the
bullion purchased under Subsection (a) of this section into the
Texas Bullion Depository to the credit of an account held by this
state.
SECTION 2. The amount of $5 billion is appropriated from the
general revenue fund to the comptroller of public accounts for the
state fiscal biennium beginning September 1, 2023, for the purpose
of purchasing $4 billion in gold bullion and $1 billion in silver
bullion.
SECTION 3. This Act takes effect September 1, 2023.