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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the legislature to vest the power to |
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invest and manage certain public funds in certain officers, boards, |
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and entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 2256, Government Code, is |
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amended by adding a new Section 2256.056 to read as follows: |
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Sec. 2256.056. INVESTMENT AND MANAGEMENT OF PUBLIC FUNDS. |
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Notwithstanding any other provision of law, the legislature may |
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vest the power to invest and manage public funds, including funds |
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established by the constitution other than the fund established |
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under Article VII, Section 11, in any public officer of this state, |
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a board composed of public officers of this state, or an entity that |
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is governed by appointees of public officers of this state by |
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designating that officer, board, or entity in the general |
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appropriations act. |
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SECTION 2. This Act takes effect January 1, 2020, but only |
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if the constitutional amendment proposed by the 86th Legislature, |
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Regular Session, 2019, authorizing the legislature to vest the |
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power to invest and manage public funds in certain officers, board, |
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and entities is approved by the voters. If that proposed |
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constitutional amendment is not approved by the voters, this Act |
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has no effect. |