HBA-NRS H.J.R. 94 77(R)    BILL ANALYSIS


Office of House Bill AnalysisH.J.R. 94
By: Mowery
Pensions & Investments
3/30/2001
Introduced



BACKGROUND AND PURPOSE 

The permanent university fund (PUF) is a public endowment that provides
financial support to institutions in The University of Texas and Texas A&M
University systems. Currently, money in the PUF is required to be invested
in bonds of the State of Texas or in its political subdivisions. As
proposed, House Joint Resolution 94 requires the submission to the voters
of a constitutional amendment authorizing the Board of Regents of The
University of Texas to invest PUF funds in securities, bonds, or other
financial obligations of the state or its political subdivisions.  

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this resolution
does not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS

House Joint Resolution 94 amends the Texas Constitution to authorize,
rather than require, the Board of Regents of The University of Texas to
invest the permanent university fund in securities, bonds, or other
obligations of the State of Texas, or counties, cities and towns, school
districts, and other political subdivisions of the state. 

FOR ELECTION

This proposed constitutional amendment shall be submitted to the voters at
an election to be held  

November 6, 2001.