Bill Text: TX SB1333 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Comm_Sub.html
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-Comm_Sub.html
By: Huffman, et al. | S.B. No. 1333 | |
(Bonnen) | ||
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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. | ||
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: | ||
(b) The Capitol fund created by Section 443.0101 and the | ||
Texas state buildings preservation endowment fund created by | ||
Section 443.0103 are [ |
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A provision of this chapter or other law that provides for the | ||
deposit of money or another thing of value into the Capitol fund or | ||
the Texas state buildings preservation endowment fund prevails over | ||
Subchapter F, Chapter 404. | ||
SECTION 2. Section 443.0103, Government Code, is amended to | ||
read as follows: | ||
Sec. 443.0103. TEXAS STATE BUILDINGS PRESERVATION | ||
ENDOWMENT [ |
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(1) "Fund" means the Texas state buildings | ||
preservation endowment fund. | ||
(2) "Trust company" means the Texas Treasury | ||
Safekeeping Trust Company. | ||
(b) The Texas state buildings preservation endowment | ||
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the treasury. The purpose of the fund is to maintain, preserve, | ||
rehabilitate, and restore the state buildings and grounds over | ||
which the board has jurisdiction [ |
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(c) The fund consists of: | ||
(1) money transferred or appropriated to the fund by[ |
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money transferred to the fund from the former capital renewal trust | ||
fund, Governor's Mansion renewal trust fund, and State Cemetery | ||
preservation trust fund; [ |
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(2) gifts, grants, and donations contributed to the | ||
fund for a purpose for which money in the fund may be used under [ |
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(3) any returns received from the investment of money | ||
in the fund. | ||
(d) The trust company shall hold, manage, and invest the | ||
fund, and shall determine the amount available for distribution | ||
from the fund each year in accordance with a distribution policy | ||
adopted by the comptroller. The distribution policy must be | ||
designed to preserve the purchasing power of the assets of the fund, | ||
provide a stable and predictable series of annual distributions | ||
from the fund, and meet the liquidity needs of the fund as | ||
necessary. The expenses of managing the fund and its assets shall | ||
be paid from the fund. Except as otherwise provided by this | ||
section, money [ |
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any other [ |
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(e) 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, 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. At the request of the trust | ||
company, the board shall provide the trust company with information | ||
the trust company determines is necessary to ensure that the trust | ||
company is able to achieve the objectives specified by Subsection | ||
(d). | ||
(f) The board annually may request a distribution from the | ||
fund in an amount that may not exceed the amount the trust company | ||
determines is available for distribution in the applicable year | ||
under Subsection (d). Money distributed from the fund to the board | ||
may be used only for the purpose of maintaining, [ |
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rehabilitating, and restoring the buildings [ |
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over which the board has jurisdiction. The board shall allocate to | ||
projects at the Bob Bullock Texas State History Museum an amount | ||
equal to at least one-third of each annual distribution from the | ||
fund under this subsection, other than the portion of the | ||
distribution made using money transferred to the fund from the | ||
former capital renewal trust fund, Governor's Mansion renewal trust | ||
fund, and State Cemetery preservation trust fund. The board, with | ||
the written approval of the Legislative Budget Board, may use money | ||
received from an annual distribution under this subsection to | ||
acquire land in close proximity to the State Cemetery for expansion | ||
of the cemetery. The board may not use money received from an | ||
annual distribution under this subsection 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 jurisdiction. | ||
(g) Subject to Subsection (h) and not more frequently than | ||
once each calendar year, the board may request an additional | ||
distribution from the fund in an amount that exceeds the amount the | ||
trust company determines is available for distribution from the | ||
fund in that year under Subsection (d). An additional distribution | ||
under this subsection may be used for a purpose described by | ||
Subsection (f). The trust company may not make an additional | ||
distribution under this subsection if the distribution would | ||
negatively affect the purchasing power of the assets of the fund as | ||
determined by the terms of the distribution policy adopted by the | ||
comptroller under Subsection (d). | ||
(h) The board may receive an additional distribution from | ||
the fund under Subsection (g) only after the board 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 and grounds over | ||
which the board has jurisdiction; | ||
(B) except as provided by Subsection (f), 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. | ||
(i) All expenditures by the board under this section are | ||
subject to audit by the state auditor. | ||
(j) 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. | ||
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SECTION 3. Effective 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 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. Money | ||
transferred under this section is available for expenditure in the | ||
manner prescribed by Section 443.0103, Government Code, as amended | ||
by this Act, except that the requirement that one-third of the | ||
amount spent be used as required by Subsection (f) of that section | ||
does not apply to money transferred under this section. | ||
SECTION 5. 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. Money transferred under | ||
this section is available for expenditure in the manner prescribed | ||
by Section 443.0103, Government Code, as amended by this Act, | ||
except that the requirement that one-third of the amount spent be | ||
used as required by Subsection (f) of that section does not apply to | ||
money transferred under this section. | ||
SECTION 6. Except as otherwise provided by this Act, this | ||
Act takes effect September 1, 2023. |