HBA-SEB S.B. 1834 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 1834 By: Sibley Pensions and Investments 5/10/1999 Engrossed BACKGROUND AND PURPOSE In 1993, the 73rd Texas Legislature authorized state agencies, universities, public retirement systems, and certain political subdivisions to invest in bonds from the State of Israel. In 1995, a rewrite of the Texas Public Funds Investment Act removed the authority for county and municipal governments to invest in such bonds. S.B. 1834 provides that bonds issued, assumed, or guaranteed by the State of Israel are authorized investments for governmental entities. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 2256.009(a), Government Code, to provide that bonds issued, assumed, or guaranteed by the State of Israel are authorized investments for governmental entities. Makes a conforming change. SECTION 2.Emergency clause. Effective date: upon passage.