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A BILL TO BE ENTITLED
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AN ACT
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relating to investment of the economic stabilization fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 404, Government Code, is |
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amended by adding Section 404.0241 to read as follows: |
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Sec. 404.0241. INVESTMENT OF THE ECONOMIC STABILIZATION FUND. |
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(a) In this section "fund" means the economic stabilization |
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fund as established under Article III Section 49-g of the Texas |
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Constitution. |
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(b) The comptroller shall invest any balance above $3 |
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billion dollars in the fund in accordance with the Sec. 404.024(j) |
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of the Government Code. |
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(c) Due to withdrawal from the fund, the comptroller shall |
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adjust investments undertaken in accordance with Sec. 404.024(j) in |
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a prudent manner in order to redirect investments in accordance |
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with Sec. 404.024 (a) through (i) and (k) through (n). |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |