HBA-SEB S.B. 805 76(R)    BILL ANALYSIS


Office of House Bill AnalysisS.B. 805
By: Ellis, Rodney
Pensions and Investments
4/30/1999
Engrossed



BACKGROUND AND PURPOSE 

Currently, the Comptroller of Public Accounts (comptroller) does not have
the same investment authority and options over the higher education fund as
the  board of regents of the University of Texas has over the permanent
university fund.  S.B. 805 grants the same investment authority to the
comptroller of public accounts over the higher education fund that the
board of regents of the University of Texas System has over the permanent
university fund. 

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 62.026(d), Education Code, to require the
Comptroller of Public Accounts (comptroller) to administer and invest the
higher education fund.  Provides that the comptroller has the same
investment authority as that provided under Sections 11a (Investment of
Permanent University Fund) and 11b (Permanent University Fund; Investments;
Texas Growth Fund), Article VII, Texas Constitution, or other law to the
board of regents of the University of Texas System with respect to the
investment of the permanent university fund.  Establishes that the
investment authority granted to the comptroller under this subsection is in
addition to that provided by Section 404.024, Government Code (Authorized
Investments), or other law. 

SECTION 2.Emergency clause.
  Effective date: upon passage.