TITLE: Relating to the investment of a percentage of the economic stabilization fund balance in excess of the sufficient balance.

SUMMARY: Relating to the investment of a percentage of the economic stabilization fund balance in excess of the sufficient balance.

FULL TEXT:
AN ACT relating to the investment of a percentage of the economic stabilization fund balance in excess of the sufficient balance. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter C, Chapter 404, Government Code, is amended by adding Section 404.0241 to read as follows: Sec. 404.0241. INVESTMENT OF CERTAIN ECONOMIC STABILIZATION FUND BALANCES. (a) The comptroller shall invest a percentage of the economic stabilization fund balance in a state fiscal biennium that exceeds the amount of the sufficient balance of the fund adopted under Section 316.092 for that biennium in accordance with the investment standard described by Section 404.024(j). The comptroller's investment of that percentage of the excess balance is not subject to any other limitation or other requirement provided by Section 404.024. (b) The comptroller shall adjust the investment portfolio of economic stabilization fund money periodically to ensure that the balance of the fund is sufficient to meet the cash flow requirements of the fund. (c) The comptroller shall include the fair market value of the investment portfolio of the economic 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. (d) This section expires on the date Section 316.092 expires. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.