Bill Text: TX SB69 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the allocations of money for transfer to the state highway fund and the economic stabilization fund and the investment of money in the economic stabilization fund.
Spectrum: Slight Partisan Bill (Republican 36-15)
Status: (Passed) 2019-06-14 - Effective on 9/1/19 [SB69 Detail]
Download: Texas-2019-SB69-Comm_Sub.html
Bill Title: Relating to the allocations of money for transfer to the state highway fund and the economic stabilization fund and the investment of money in the economic stabilization fund.
Spectrum: Slight Partisan Bill (Republican 36-15)
Status: (Passed) 2019-06-14 - Effective on 9/1/19 [SB69 Detail]
Download: Texas-2019-SB69-Comm_Sub.html
86R33313 JJT-D | ||
By: Nelson | S.B. No. 69 | |
(Capriglione) | ||
Substitute the following for S.B. No. 69: No. |
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relating to the allocations of money for transfer to the state | ||
highway fund and the economic stabilization fund and the investment | ||
of money in the economic stabilization fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Subchapter H, Chapter 316, | ||
Government Code, is amended to read as follows: | ||
SUBCHAPTER H. ALLOCATION OF TRANSFERS TO [ |
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HIGHWAY FUND | ||
SECTION 2. Sections 316.092 and 316.093, Government Code, | ||
are amended to read as follows: | ||
Sec. 316.092. DETERMINATION OF THRESHOLD FOR | ||
CONSTITUTIONAL TRANSFER TO STATE HIGHWAY [ |
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transfers in accordance with Section 49-g(c-2), Article III, Texas | ||
Constitution, and Section 316.093 for a state fiscal biennium [ |
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comptroller [ |
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certified general revenue-related appropriations made for that | ||
state fiscal biennium [ |
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(b) [ |
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Sec. 316.093. ADJUSTMENT OF CONSTITUTIONAL ALLOCATIONS TO | ||
FUND AND STATE HIGHWAY FUND. (a) Before the comptroller makes | ||
transfers for a state fiscal year in accordance with Section | ||
49-g(c), Article III, Texas Constitution, the comptroller shall | ||
determine whether the sum of the unappropriated balance of the fund | ||
on the preceding August 31, any projected transfer to the fund under | ||
Section 49-g(b) of that article, and any projected transfer to the | ||
fund under Section 49-g(c) of that article in accordance with the | ||
allocations for the transfer as provided by Section 49-g(c-1) of | ||
that article is less than the amount determined under [ |
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biennium. | ||
(b) If the sum described by Subsection (a) is less than the | ||
amount determined under [ |
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316.092 for that state fiscal biennium, the comptroller shall | ||
reduce the allocation to the state highway fund provided by Section | ||
49-g(c), Article III, Texas Constitution, and increase the | ||
allocation to the economic stabilization fund, in an equal amount, | ||
until the amount determined under [ |
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achieved by the transfer to the fund or the total amount of the sum | ||
described by Section 49-g(c), Article III, Texas Constitution, is | ||
allocated to the fund, whichever occurs first. | ||
(c) [ |
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Texas Constitution, the comptroller shall adjust the allocation | ||
provided by Section 49-g(c-1) of that article of amounts to be | ||
transferred to the fund and to the state highway fund under Section | ||
49-g(c) of that article in a state fiscal year beginning on or after | ||
September 1, 2025, so that the total of those amounts is transferred | ||
to the economic stabilization fund, except that the comptroller | ||
shall reduce a transfer made under this subsection as necessary to | ||
prevent the amount in the fund from exceeding the limit in effect | ||
for that biennium under Section 49-g(g) of that article. | ||
(d) [ |
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subsection expire December 31, 2024. | ||
SECTION 3. Section 404.0241, Government Code, is amended to | ||
read as follows: | ||
Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC | ||
STABILIZATION FUND BALANCES. (a) Subject to Subsection (b) and | ||
notwithstanding Section 404.024, for the purpose of investing the | ||
assets of the economic stabilization fund, the [ |
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may acquire, exchange, sell, supervise, manage, or retain any kind | ||
of investment that a prudent investor exercising reasonable care, | ||
skill, and caution would acquire, exchange, sell, supervise, | ||
manage, or retain in light of the purposes, terms, distribution | ||
requirements, and other circumstances then prevailing for the fund, | ||
taking into consideration the investment of all the assets of the | ||
fund rather than a single investment [ |
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(b) At least one-quarter of the economic stabilization fund | ||
balance must be invested in a manner that ensures the liquidity of | ||
that amount. | ||
(c) The comptroller may pool assets of the economic | ||
stabilization fund with other state assets for purposes of | ||
investment under Section 404.024(b). | ||
(d) The comptroller shall adjust the investment [ |
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of economic stabilization fund money periodically as necessary to | ||
ensure that: | ||
(1) at all times at least one-quarter of the balance of | ||
the economic stabilization fund is invested in a manner that | ||
ensures the liquidity of that amount; and | ||
(2) the balance of the economic stabilization fund is | ||
sufficient to meet the cash flow requirements of the fund. | ||
(e) [ |
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value of the investments [ |
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stabilization fund in calculating the amount in the fund for | ||
purposes of Section 49-g(g), Article III, Texas Constitution, and | ||
Section 316.093 of this code. | ||
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SECTION 4. Sections 316.093(a) and (b), Government Code, as | ||
amended by this Act, apply only to the allocation of money to the | ||
economic stabilization fund and the state highway fund under | ||
Section 49-g(c-1), Article III, Texas Constitution, beginning with | ||
the state fiscal year beginning September 1, 2021. The allocation | ||
of money to the economic stabilization fund and the state highway | ||
fund under Section 49-g(c-1), Article III, Texas Constitution, for | ||
the state fiscal years beginning September 1, 2019, and September | ||
1, 2020, is governed by Sections 316.093(a) and (b), Government | ||
Code, as those sections existed immediately before the effective | ||
date of this Act, and the former law is continued in effect for that | ||
purpose. | ||
SECTION 5. This Act takes effect September 1, 2019. |