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AN ACT
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relating to the provision of funding to the Texas Historical |
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Commission for state historic sites. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 442.0083(e), Government Code, is amended |
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to read as follows: |
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(e) A grant for a historic courthouse project may not exceed |
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the greater of $10 million [$6 million] or two percent of the amount |
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appropriated for implementing the historic courthouse preservation |
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program during the state fiscal biennium. |
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SECTION 2. Subchapter A, Chapter 442, Government Code, is |
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amended by adding Section 442.0151 to read as follows: |
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Sec. 442.0151. HISTORIC INFRASTRUCTURE SUSTAINABILITY |
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TRUST FUND. (a) In this section, "trust company" means the Texas |
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Treasury Safekeeping Trust Company. |
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(b) The historic infrastructure sustainability trust fund |
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is created as a trust fund outside the treasury held by the trust |
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company and administered by the comptroller as trustee on behalf of |
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the people of this state to generate earnings on money in the fund |
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for the purpose of maintaining, preserving, rehabilitating, and |
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restoring historic sites throughout the state. |
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(c) The fund consists of: |
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(1) money appropriated or transferred to the fund at |
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the direction of the legislature; |
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(2) gifts, grants, and donations received by the |
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commission for a purpose for which money in the fund may be used |
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under this section; and |
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(3) any returns received from the investment of money |
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in the fund. |
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(d) The trust company shall hold, manage, and invest the |
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fund, and shall determine the amount available for distribution |
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from the fund each year in accordance with a distribution policy |
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adopted by the comptroller. The distribution policy must be |
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designed to preserve the purchasing power of the assets of the fund, |
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provide a stable and predictable series of annual distributions |
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from the fund, and meet the liquidity needs of the fund as |
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necessary. The expenses of managing the fund and its assets shall |
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be paid from the fund. Except as otherwise provided by this |
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section, money in the fund may not be used for any other purpose. |
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(e) In managing the assets of the fund, through procedures |
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and subject to restrictions the trust company considers |
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appropriate, the trust company may acquire, exchange, sell, |
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supervise, manage, or retain any kind of investment that a prudent |
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investor, exercising reasonable care, skill, and caution, would |
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acquire or retain in light of the purposes, terms, distribution |
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requirements, and other circumstances of the fund then prevailing, |
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taking into consideration the investment of all the assets of the |
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fund rather than a single investment. At the request of the trust |
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company, the commission shall provide the trust company with |
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information the trust company determines is necessary to ensure |
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that the trust company is able to achieve the objectives specified |
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by Subsection (d). |
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(f) The commission annually may request a distribution from |
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the fund in an amount that may not exceed the amount the trust |
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company determines is available for distribution in the applicable |
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year under Subsection (d). Money distributed from the fund to the |
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commission may be used only for the purpose of maintaining, |
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preserving, rehabilitating, and restoring state historic sites |
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under the control of the commission and for the historic courthouse |
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preservation program under Section 442.0081. The commission shall |
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allocate at least one-third of each annual distribution from the |
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fund under this subsection for the historic courthouse preservation |
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program. The commission may not use money received from an annual |
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distribution under this subsection to pay salaries, employee |
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benefits, costs associated with employee benefits, or |
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administration, operating, or program costs of the commission. |
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(g) Subject to Subsection (h) and not more frequently than |
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once each calendar year, the commission may request an additional |
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distribution from the fund in an amount that exceeds the amount the |
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trust company determines is available for distribution from the |
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fund in that year under Subsection (d). An additional distribution |
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under this subsection may be used for a purpose described by |
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Subsection (f). The trust company may not make an additional |
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distribution under this subsection if the distribution would |
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negatively affect the purchasing power of the assets of the fund as |
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determined by the terms of the distribution policy adopted by the |
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comptroller under Subsection (d). |
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(h) The commission may receive an additional distribution |
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from the fund under Subsection (g) only after the commission |
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certifies to the Legislative Budget Board that: |
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(1) the commission has reviewed and approved the use |
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of the money; |
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(2) all purchases made with the money will conform to |
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any applicable provision of law governing state procurement and |
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contracting; and |
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(3) the money will not be used to: |
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(A) pay salaries, employee benefits, costs |
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associated with employee benefits, or administration, operating, |
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or program costs of the commission or the state historic sites under |
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the control of the commission; |
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(B) acquire new historic sites or real property; |
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or |
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(C) purchase capital equipment that is not |
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related to the rehabilitation or restoration of a historic site |
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under the control of the commission or the historic courthouse |
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preservation program under Section 442.0081. |
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(i) All expenditures by the commission under this section |
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are subject to audit by the state auditor. |
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(j) The commission shall include in the strategic plan |
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submitted under Section 2056.002 a report on each project funded |
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using money in the fund during the two-year period preceding the |
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date on which the commission submits the plan and a list of each |
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project the commission anticipates will be funded using money in |
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the fund for the period covered by the plan. |
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SECTION 3. Section 442.073, Government Code, is amended by |
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amending Subsection (d) and adding Subsection (e) to read as |
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follows: |
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(d) Except as provided by Subsection (e), money [Money] in |
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the account may be used only to administer, operate, preserve, |
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repair, expand, or otherwise maintain a historic site or to acquire |
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a historical item appropriate to a historic site. |
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(e) The commission may make an expenditure from the account |
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for a historic site that is not described by Section 442.072(a). |
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The commission shall provide notice of an expenditure described by |
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this subsection to the Legislative Budget Board not later than the |
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30th day after the date the commission makes the expenditure. The |
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Legislative Budget Board may establish the procedure by which the |
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commission provides notice to the board under this subsection. |
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SECTION 4. This Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1332 passed the Senate on |
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April 12, 2023, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1332 passed the House on |
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May 4, 2023, by the following vote: Yeas 145, Nays 0, one present |
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not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |