Bill Text: TX SB1333 | 2023-2024 | 88th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the creation of the Texas state buildings preservation endowment fund, including the transfer to the fund of the unencumbered balances of certain other funds.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Passed) 2023-05-13 - See remarks for effective date [SB1333 Detail]

Download: Texas-2023-SB1333-Introduced.html

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By: Huffman S.B. No. 1333

A BILL TO BE ENTITLED
AN ACT
relating to the creation of the Texas state buildings
preservation endowment fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 443.0102(b), Government Code, is amended
to read as follows:
Sec. 443.0102(b). The Texas state buildings preservation
endowment [Capitol] fund created by Section 443.0103 [443.0101] is
not subject to Subchapter F, Chapter 404. A provision of this
chapter or other law that provides for the deposit of money or
another thing of value into the fund prevails over Subchapter F,
Chapter 404.
SECTION 2. Section 443.0103, Government Code, is amended to
read as follows:
Sec. 443.0103. [CAPITAL RENEWAL] TEXAS STATE BUILDINGS
PRESERVATION ENDOWMENT [TRUST] FUND. (a) The Texas state buildings
preservation [capital renewal] endowment [trust] fund is created as
a [trust] fund outside the treasury to maintain, preserve,
rehabilitate, and restore the buildings and grounds over which the
board has authority. The fund is composed of:
(1) Money transferred or appropriated to the fund by
the legislature;
(2) Money transferred to the fund from former capital
renewal trust fund, Governor's Mansion renewal trust fund and the
State Cemetery preservation trust fund;
(3) gifts, grants, and donations contributed to the
fund for a purpose for which money in the fund may be used under this
section; and
(4) the returns received from investment of money in
the fund.
[with the comptroller and shall be administered by the board, as a
trustee on behalf of the people of this state, to maintain and
preserve the Capitol, the General Land Office Building, their
contents, and their grounds. The fund consists of money
transferred to the fund:
(1) at the direction of the legislature; or
(2) in accordance with this section]
(b) In this section, "trust company" means the Texas
Treasury Safekeeping Trust Company, and "board" means the state
preservation board. The trust company shall hold, manage, and
invest the fund. The trust company shall determine the amount
available for distribution from the fund determined in accordance
with a distribution policy that is adopted by the comptroller and
designed to preserve the purchasing power of the fund's assets,
provide a stable and predictable stream of annual distributions,
and meet liquidity needs of the fund as appropriate. The expenses of
managing the fund and its assets shall be paid from the fund. Except
as provided by this section, money in the fund may not be used for
any other purpose.
(c) In managing the assets of the fund, through procedures
and subject to restrictions the trust company considers
appropriate, the trust company may acquire, exchange, sell,
supervise, manage, or retain 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, liquidity requirements, and other circumstances of
the fund then prevailing, taking into consideration the investment
of all the assets of the fund rather than a single investment. The
board will provide the trust company with a cash flow forecast at
least annually, and more frequently as appropriate, for purposes of
distribution and liquidity requirements.
(d) The board may request an annual fund distribution not to
exceed the amount the trust company determines available for
distribution as provided under subsection (b). The amount
distributed may only be used[(b) Money in the fund may be used only]
for the purpose of maintaining, [and] preserving, rehabilitating,
and restoring the buildings and grounds over which the board has
authority. The board shall spend at least one-third of the funds
distributed on projects at the Bob Bullock Texas State History
Museum, with the exception of funds transferred from the former
capital renewal trust fund, Governor 's Mansion renewal trust fund
and the State Cemetery preservation trust fund. Distributed funds
may be used to acquire land in close proximity to the State Cemetery
for expansion of the cemetery with the written approval of the
Legislative Budget Board. Money in the fund may not be used to pay
salaries, employee benefits, costs associated with employee
benefits, or administration, operating, or program costs of the
board or the buildings and grounds over which the board has
authority[the Capitol, the General Land Office Building, their
contents, and their grounds].
(e) Subject to subsection (f), not more frequently than once
per calendar year, the board may request an additional distribution
from the fund in excess of the amount the trust company determines
is available for distribution under the terms of subsection (b), to
be used for the purposes described in subsection (d). The amount
requested pursuant to this subsection shall not exceed the amount
distributed to the board pursuant to the comptroller's policy in
the preceding calendar year.
(f) The board may approve a distribution of the fund
authorized under Subsection (e) after it certifies to the
legislative budget board that:
(1) the board has reviewed and approved the use of the
money;
(2) all purchases made with the money will conform to
any applicable provision of law governing state procurement and
contracting; and
(3) the money will not be used to:
(A) pay salaries, employee benefits, costs
associated with employee benefits, or administration, operating or
program costs of the board or the buildings or grounds subject to
its authority;
(B) acquire new historic sites or real property;
or
(C) purchase capital equipment that is not
related to the rehabilitation or restoration of a building or
grounds.
(g) All expenditures by the board under this section are
subject to audit by the state auditor.
(h) The board shall include in the strategic plan submitted
under Section 2056.002 a report on each project funded using money
in the fund during the two-year period preceding the date on which
the board submits the plan and a list of each project the board
anticipates will be funded using money in the fund for the period
covered by the plan.
[(c)The interest received from investment of money in the
fund shall be credited to the fund.
[(d)The board may transfer money from any account of the
Capitol fund to the capital renewal trust fund, other than money
that was donated to the board, derived from a security or other
thing of value donated to the board, or earned as interest or other
income on a donation to the board, if the board determines that
after the transfer there will be a sufficient amount of money in the
applicable account of the Capitol fund to accomplish the purposes
for which the account was created.
[(e)The board may transfer money from the capital renewal
trust fund to any account of the Capitol fund, provided that money
transferred shall only be used for the purposes outlined in
Subsection (b).]
SECTION 3. On September 1, 2024, the unencumbered balance
of the capital renewal trust fund is transferred to the comptroller
of public accounts for deposit in the Texas state buildings
preservation endowment fund created under Section 443.0103,
Government Code, as amended by this Act. These transferred funds
are considered available for expenditure under Subsection (e),
Section 443.0103, Government Code, and are not subject to the
one-third museum expenditure requirement in Subsection (d) of that
Section.
SECTION 4. On September 1, 2024, the Governor 's Mansion
renewal trust fund and the State Cemetery preservation trust fund
are abolished and the unencumbered balances of those funds are
transferred to the comptroller of public accounts for deposit in
the Texas state buildings preservation endowment fund created under
Section 443.0103, Government Code, as amended by this Act. These
transferred funds are considered available for expenditure under
Subsection (e), Section 443.0103, Government Code, and are not
subject to the one-third museum expenditure requirement in
Subsection (d) of that Section.
SECTION 5. On September 1, 2024, the following provisions
of the Government Code are repealed:
(1) Section 443.0295;
(2) Section 2165.2565, as added by Chapter 72 (S.B.
574), Acts of the 84th Legislature, Regular Session, 2015; and
(3) Section 2165.2565, as added by Chapter 932 (H.B.
2206), Acts of the 84th Legislature, Regular Session, 2015.
SECTION 6. This Act takes effect September 1, 2023.