Bill Text: TX SB1648 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to the centennial parks conservation fund.
Spectrum: Bipartisan Bill
Status: (Passed) 2023-05-29 - See remarks for effective date [SB1648 Detail]
Download: Texas-2023-SB1648-Enrolled.html
| S.B. No. 1648 | ||
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| relating to the centennial parks conservation fund. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Title 3, Parks and Wildlife Code, is amended by | ||
| adding Chapter 21A to read as follows: | ||
| CHAPTER 21A. CENTENNIAL PARKS CONSERVATION FUND | ||
| Sec. 21A.001. DEFINITIONS. In this chapter: | ||
| (1) "Fund" means the centennial parks conservation | ||
| fund established under Section 49-e-1, Article III, Texas | ||
| Constitution. | ||
| (2) "Trust company" means the Texas Treasury | ||
| Safekeeping Trust Company. | ||
| Sec. 21A.002. ADMINISTRATION AND MANAGEMENT OF FUND. (a) | ||
| The centennial parks conservation fund is a trust fund held outside | ||
| the treasury by the trust company and administered by the | ||
| department for the purpose of the creation and improvement of state | ||
| parks. | ||
| (b) The trust company shall hold and invest the fund, taking | ||
| into account the purposes for which the money in the fund may be | ||
| used. The overall objective for the investment of the fund is to | ||
| maintain sufficient liquidity to meet the needs of the fund. | ||
| (c) The expenses of managing the fund and its assets shall | ||
| be paid from the fund. Except as otherwise provided by this chapter | ||
| and Section 49-e-1, Article III, Texas Constitution, money in the | ||
| fund may not be used for any other purpose. | ||
| (d) In managing the assets of the fund, through procedures | ||
| and subject to restrictions the trust company considers | ||
| appropriate, the trust company may acquire, exchange, sell, | ||
| supervise, manage, or retain any kind of investment that a prudent | ||
| investor, exercising reasonable care, skill, and caution, would | ||
| acquire or retain in light of the purposes, terms, distribution | ||
| requirements, liquidity requirements, and other circumstances of | ||
| the fund then prevailing, taking into consideration the investment | ||
| of all the fund assets rather than a single investment. The fund | ||
| may be invested with the state treasury pool and may be pooled with | ||
| other state assets for purposes of investment. | ||
| (e) The department shall provide the trust company with a | ||
| cash flow forecast at least annually, and more frequently as | ||
| appropriate, to ensure the trust company is able to satisfy the | ||
| objectives specified by Subsection (b). | ||
| Sec. 21A.003. REQUEST FOR DISTRIBUTION. The department may | ||
| request from the trust company a distribution from the fund for the | ||
| purpose of acquiring real property in this state for the creation | ||
| and improvement of publicly accessible state parks. | ||
| Sec. 21A.004. REQUIRED APPROVAL OF ACQUISITION. (a) The | ||
| department must submit to the Legislative Budget Board a request | ||
| for approval of a proposed acquisition of real property under this | ||
| chapter before the property is acquired. | ||
| (b) A request to the Legislative Budget Board under this | ||
| section shall be considered approved on the 30th day after the date | ||
| the request is submitted unless the request is approved or | ||
| disapproved before that date. | ||
| Sec. 21A.005. PROHIBITED EXPENDITURES. Money in the fund | ||
| may not be used: | ||
| (1) to pay salaries, employee benefits, costs | ||
| associated with employee benefits, or administration, operating, | ||
| or program costs of the department; or | ||
| (2) for the maintenance or operation of state parks. | ||
| Sec. 21A.006. EXPENDITURES SUBJECT TO AUDIT. All | ||
| expenditures by the department under this chapter are subject to | ||
| audit by the state auditor. | ||
| Sec. 21A.007. STRATEGIC PLAN. The department shall include | ||
| in each strategic plan submitted under Section 2056.002, Government | ||
| Code, a report on each acquisition funded using money in the fund | ||
| during the two-year period preceding the date on which the | ||
| department submits the plan. | ||
| SECTION 2. This Act takes effect January 1, 2024, but only | ||
| if the constitutional amendment proposed by the 88th Legislature, | ||
| Regular Session, 2023, providing for the creation of the centennial | ||
| parks conservation fund to be used for the creation and improvement | ||
| of state parks is approved by the voters. If that amendment is not | ||
| approved by the voters, this Act has no effect. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 1648 passed the Senate on | ||
| April 20, 2023, by the following vote: Yeas 26, Nays 3. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 1648 passed the House on | ||
| May 16, 2023, by the following vote: Yeas 120, Nays 19, one | ||
| present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
