S.B. No. 1648
  relating to the centennial parks conservation fund.
         SECTION 1.  Title 3, Parks and Wildlife Code, is amended by
  adding Chapter 21A to read as follows:
         Sec. 21A.001.  DEFINITIONS. In this chapter:
               (1)  "Fund" means the centennial parks conservation
  fund established under Section 49-e-1, Article III, Texas
               (2)  "Trust company" means the Texas Treasury
  Safekeeping Trust Company.
  The centennial parks conservation fund is a trust fund held outside
  the treasury by the trust company and administered by the
  department for the purpose of the creation and improvement of state
         (b)  The trust company shall hold and invest the fund, taking
  into account the purposes for which the money in the fund may be
  used. The overall objective for the investment of the fund is to
  maintain sufficient liquidity to meet the needs of the fund.
         (c)  The expenses of managing the fund and its assets shall
  be paid from the fund.  Except as otherwise provided by this chapter
  and Section 49-e-1, Article III, Texas Constitution, money in the
  fund may not be used for any other purpose.
         (d)  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, liquidity requirements, and other circumstances of
  the fund then prevailing, taking into consideration the investment
  of all the fund assets rather than a single investment.  The fund
  may be invested with the state treasury pool and may be pooled with
  other state assets for purposes of investment.
         (e)  The department shall provide the trust company with a
  cash flow forecast at least annually, and more frequently as
  appropriate, to ensure the trust company is able to satisfy the
  objectives specified by Subsection (b).
         Sec. 21A.003.  REQUEST FOR DISTRIBUTION. The department may
  request from the trust company a distribution from the fund for the
  purpose of acquiring real property in this state for the creation
  and improvement of publicly accessible state parks.
         Sec. 21A.004.  REQUIRED APPROVAL OF ACQUISITION. (a)  The
  department must submit to the Legislative Budget Board a request
  for approval of a proposed acquisition of real property under this
  chapter before the property is acquired.
         (b)  A request to the Legislative Budget Board under this
  section shall be considered approved on the 30th day after the date
  the request is submitted unless the request is approved or
  disapproved before that date.
         Sec. 21A.005.  PROHIBITED EXPENDITURES. Money in the fund
  may not be used:
               (1)  to pay salaries, employee benefits, costs
  associated with employee benefits, or administration, operating,
  or program costs of the department; or
               (2)  for the maintenance or operation of state parks.
         Sec. 21A.006.  EXPENDITURES SUBJECT TO AUDIT. All
  expenditures by the department under this chapter are subject to
  audit by the state auditor.
         Sec. 21A.007.  STRATEGIC PLAN. The department shall include
  in each strategic plan submitted under Section 2056.002, Government
  Code, a report on each acquisition funded using money in the fund
  during the two-year period preceding the date on which the
  department submits the plan.
         SECTION 2.  This Act takes effect January 1, 2024, but only
  if the constitutional amendment proposed by the 88th Legislature,
  Regular Session, 2023, providing for the creation of the centennial
  parks conservation fund to be used for the creation and improvement
  of state parks is approved by the voters.  If that amendment is not
  approved by the voters, this Act has no effect.
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
         I hereby certify that S.B. No. 1648 passed the Senate on
  April 20, 2023, by the following vote:  Yeas 26, Nays 3.
  Secretary of the Senate    
         I hereby certify that S.B. No. 1648 passed the House on
  May 16, 2023, by the following vote:  Yeas 120, Nays 19, one
  present not voting.
  Chief Clerk of the House