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AN ACT
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relating to the creation of the Texas state buildings preservation |
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endowment fund, including the transfer to the fund of the |
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unencumbered balances of certain other funds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 443.0102(b), Government Code, is amended |
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to read as follows: |
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(b) The Capitol fund created by Section 443.0101 and the |
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Texas state buildings preservation endowment fund created by |
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Section 443.0103 are [is] not subject to Subchapter F, Chapter 404. |
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A provision of this chapter or other law that provides for the |
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deposit of money or another thing of value into the Capitol fund or |
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the Texas state buildings preservation endowment fund prevails over |
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Subchapter F, Chapter 404. |
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SECTION 2. Section 443.0103, Government Code, is amended to |
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read as follows: |
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Sec. 443.0103. TEXAS STATE BUILDINGS PRESERVATION |
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ENDOWMENT [CAPITAL RENEWAL TRUST] FUND. (a) In this section: |
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(1) "Fund" means the Texas state buildings |
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preservation endowment fund. |
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(2) "Trust company" means the Texas Treasury |
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Safekeeping Trust Company. |
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(b) The Texas state buildings preservation endowment |
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[capital renewal trust] fund is created as a [trust] fund outside |
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the treasury. The purpose of the fund is to maintain, preserve, |
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rehabilitate, and restore the state buildings and grounds over |
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which the board has jurisdiction [with the comptroller and shall be |
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administered by the board, as a trustee on behalf of the people of |
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this state, to maintain and preserve the Capitol, the General Land |
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Office Building, their contents, and their grounds]. |
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(c) The fund consists of: |
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(1) money transferred or appropriated to the fund by[: |
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[(1) at the direction of] the legislature, including |
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money transferred to the fund from the former capital renewal trust |
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fund, Governor's Mansion renewal trust fund, and State Cemetery |
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preservation trust fund; [or] |
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(2) gifts, grants, and donations contributed to the |
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fund for a purpose for which money in the fund may be used under [in |
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accordance with] 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 [(b) Money] in the fund may not be used [only] for |
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any other [the] 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 board shall provide the trust company with information |
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the trust company determines is necessary to ensure that the trust |
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company is able to achieve the objectives specified by Subsection |
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(d). |
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(f) The board annually may request a distribution from the |
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fund in an amount that may not exceed the amount the trust company |
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determines is available for distribution in the applicable year |
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under Subsection (d). Money distributed from the fund to the board |
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may be used only for the purpose of maintaining, [and] preserving, |
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rehabilitating, and restoring the buildings [the Capitol, the |
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General Land Office Building, their contents,] and [their] grounds |
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over which the board has jurisdiction. The board shall allocate to |
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projects at the Bob Bullock Texas State History Museum an amount |
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equal to at least one-third of each annual distribution from the |
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fund under this subsection, other than the portion of the |
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distribution made using money transferred to the fund from the |
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former capital renewal trust fund, Governor's Mansion renewal trust |
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fund, and State Cemetery preservation trust fund. The board, with |
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the written approval of the Legislative Budget Board, may use money |
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received from an annual distribution under this subsection to |
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acquire land in close proximity to the State Cemetery for expansion |
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of the cemetery. The board may not use money received from an |
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annual 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 board or the |
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buildings and grounds over which the board has jurisdiction. |
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(g) Subject to Subsection (h) and not more frequently than |
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once each calendar year, the board 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 board may receive an additional distribution from |
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the fund under Subsection (g) only after the board certifies to the |
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Legislative Budget Board that: |
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(1) the board has reviewed and approved the use of the |
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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 board or the buildings and grounds over |
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which the board has jurisdiction; |
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(B) except as provided by Subsection (f), acquire |
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new historic sites or real property; or |
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(C) purchase capital equipment that is not |
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related to the rehabilitation or restoration of a building or |
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grounds. |
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(i) All expenditures by the board under this section are |
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subject to audit by the state auditor. |
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(j) The board shall include in the strategic plan submitted |
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under Section 2056.002 a report on each project funded using money |
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in the fund during the two-year period preceding the date on which |
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the board submits the plan and a list of each project the board |
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anticipates will be funded using money in the fund for the period |
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covered by the plan. |
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[(c) The interest received from investment of money in the |
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fund shall be credited to the fund. |
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[(d) The board may transfer money from any account of the |
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Capitol fund to the capital renewal trust fund, other than money |
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that was donated to the board, derived from a security or other |
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thing of value donated to the board, or earned as interest or other |
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income on a donation to the board, if the board determines that |
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after the transfer there will be a sufficient amount of money in the |
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applicable account of the Capitol fund to accomplish the purposes |
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for which the account was created. |
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[(e) The board may transfer money from the capital renewal |
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trust fund to any account of the Capitol fund, provided that money |
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transferred shall only be used for the purposes outlined in |
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Subsection (b).] |
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SECTION 3. Effective September 1, 2024, the following |
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provisions of the Government Code are repealed: |
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(1) Section 443.0295; |
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(2) Section 2165.2565, as added by Chapter 72 (S.B. |
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574), Acts of the 84th Legislature, Regular Session, 2015; and |
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(3) Section 2165.2565, as added by Chapter 932 (H.B. |
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2206), Acts of the 84th Legislature, Regular Session, 2015. |
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SECTION 4. On September 1, 2024, the Governor's Mansion |
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renewal trust fund and the State Cemetery preservation trust fund |
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are abolished and the unencumbered balances of those funds are |
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transferred to the comptroller of public accounts for deposit in |
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the Texas state buildings preservation endowment fund created under |
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Section 443.0103, Government Code, as amended by this Act. Money |
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transferred under this section is available for expenditure in the |
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manner prescribed by Section 443.0103, Government Code, as amended |
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by this Act, except that the requirement that one-third of the |
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amount spent be used as required by Subsection (f) of that section |
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does not apply to money transferred under this section. |
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SECTION 5. On September 1, 2024, the unencumbered balance |
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of the capital renewal trust fund is transferred to the comptroller |
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of public accounts for deposit in the Texas state buildings |
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preservation endowment fund created under Section 443.0103, |
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Government Code, as amended by this Act. Money transferred under |
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this section is available for expenditure in the manner prescribed |
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by Section 443.0103, Government Code, as amended by this Act, |
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except that the requirement that one-third of the amount spent be |
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used as required by Subsection (f) of that section does not apply to |
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money transferred under this section. |
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SECTION 6. Except as otherwise provided by this Act, this |
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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. 1333 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. 1333 passed the House on |
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April 27, 2023, by the following vote: Yeas 143, Nays 0, |
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one present 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 |