83R12201 JJT-F
  By: Eltife S.B. No. 1546
  relating to the management and use of the Texas preservation trust
         SECTION 1.  Section 442.015, Government Code, is amended by
  amending Subsections (a), (b), and (f) and adding Subsections (h),
  (i), (j), (k), and (l) to read as follows:
         (a)  Notwithstanding Section 403.095, the Texas preservation
  trust fund account is a separate account in the general revenue
  fund.  The account consists of transfers made to the account, loan
  repayments, grants and donations made for the purposes of this
  program, proceeds of sales, earnings [income earned] on [money in]
  the account, and any other money received under this
  section.  Distributions from [Money in] the account may be used
  only for the purposes of this section and may not be used to pay
  operating expenses of the commission.  Money allocated to the
  commission's historic preservation grant program shall be
  deposited to the credit of the account.  Earnings [Income earned]
  on [money in] the account shall be deposited to the credit of the
         (b)  The commission may use distributions from [money in] the
  Texas preservation trust fund account to provide financial
  assistance to public or private entities for the acquisition,
  survey, restoration, or preservation, or for planning and
  educational activities leading to the preservation, of historic
  property in the state that is listed in the National Register of
  Historic Places or designated as a State Archeological Landmark or
  Recorded Texas Historic Landmark, or that the commission determines
  is eligible for such listing or designation.  The financial
  assistance may be in the amount and form and according to the terms
  that the commission by rule determines.  The commission shall give
  priority to property the commission determines to be endangered by
  demolition, neglect, underuse, looting, vandalism, or other threat
  to the property.  Gifts and grants deposited to the credit of the
  account specifically for any eligible projects may be used only for
  the type of projects specified.  If such a specification is not
  made, the gift or grant shall be unencumbered and accrue to the
  benefit of the Texas preservation trust fund account.  If such a
  specification is made, the entire amount of the gift or grant may be
  used during any period for the project or type of project specified.
         (f)  The advisory board shall recommend to the commission
  rules for administering Subsections (a)-(e) [this section].
         (h)  The comptroller shall manage the assets of the account.
  In managing the assets of the account, the comptroller may acquire,
  exchange, sell, supervise, manage, or retain, through procedures
  and subject to restrictions the comptroller considers appropriate,
  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 account then prevailing, taking into
  consideration the investment of all the assets of the account
  rather than a single investment.
         (i)  The amount of a distribution shall be determined by the
  comptroller in a manner intended to provide a stable and
  predictable stream of annual distributions and to maintain over
  time the purchasing power of account investments and annual
  distributions from the account. If the purchasing power of account
  investments for any 10-year period is not preserved, the
  comptroller may not increase annual distributions from the account
  until the purchasing power of account investments is restored.
         (j)  An annual distribution made by the comptroller from the
  account during a fiscal year may not exceed an amount equal to seven
  percent of the average net fair market value of the investment
  assets of the account as determined by the comptroller.
         (k)  The expenses of managing account investments shall be
  paid from the account.
         (l)  On request, the comptroller shall fully disclose all
  details concerning the investments of the account.
         SECTION 2.  This Act takes effect September 1, 2013.