S.B. No. 1332

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