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.