bill letting the comptroller hold securities outside the treasury

The text as introduced · 345 words

89R4837 KJE-F

By: Bumgarner
H.B. No. 3495

A BILL TO BE ENTITLED

AN ACT

relating to the investment and management of certain funds by the

comptroller; making an appropriation.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Subchapter F, Chapter 404, Government Code, is

amended by adding Section 404.0945 to read as follows:

Sec. 404.0945. MANAGEMENT OF MARKETABLE SECURITIES. (a)

Notwithstanding Section 404.094 or any other law, the comptroller

may hold a marketable security received by the comptroller outside

the state treasury.

(b) After liquidating a marketable security held outside

the treasury under Subsection (a), the comptroller:

(1) may pay the reasonable and necessary expenses for

the holding and liquidation of the security from the proceeds of the

sale; and

(2) shall deposit the net proceeds of the sale in the

state treasury in accordance with Section 404.094.

SECTION 2. Section 2256.004(a), Government Code, is amended

to read as follows:

(a) This subchapter does not apply to:

(1) a public retirement system as defined by Section

802.001;

(2) state funds invested by the comptroller [ as

authorized by Section 404.024 ];

(3) an institution of higher education having total

endowments of at least $150 million in book value on September 1,

2017;

(4) funds invested by the Veterans' Land Board as

authorized by Chapter 161, 162, or 164, Natural Resources Code;

(5) registry funds deposited with the county or

district clerk under Chapter 117, Local Government Code; or

(6) a deferred compensation plan that qualifies under

either Section 401(k) or 457 of the Internal Revenue Code of 1986

(26 U.S.C. Section 1 et seq.), as amended.

SECTION 3. On the effective date of this Act,

notwithstanding any other law, the marketable securities held in

the general revenue fund of the state treasury as provided by

Chapter 74, Property Code, are appropriated to the comptroller of

public accounts to be held outside the state treasury and

administered by the comptroller in accordance with Section

404.0945, Government Code, as added by this Act.

SECTION 4. This Act takes effect September 1, 2025.