By: Bonnen	H.B. No. 3050
	Substitute the following for H.B. No. 3050:
	By:  Ashby	C.S.H.B. No. 3050

	A BILL TO BE ENTITLED
	AN ACT
	relating to the creation of the Texas state buildings preservation
	endowment fund, including the transfer to the fund of the
	unencumbered balances of certain other funds.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Section 443.0102(b), Government Code, is amended
	to read as follows:
	(b)  The Capitol fund created by Section 443.0101 and the
	Texas state buildings preservation endowment fund created by
	Section 443.0103 are [is] not subject to Subchapter F, Chapter 404.
	A provision of this chapter or other law that provides for the
	deposit of money or another thing of value into the Capitol fund or
	the Texas state buildings preservation endowment fund prevails over
	Subchapter F, Chapter 404.
	SECTION 2.  Section 443.0103, Government Code, is amended to
	read as follows:
	Sec. 443.0103.  TEXAS STATE BUILDINGS PRESERVATION
	ENDOWMENT [CAPITAL RENEWAL TRUST] FUND. (a) In this section:
	(1)  "Fund" means the Texas state buildings
	preservation endowment fund.
	(2)  "Trust company" means the Texas Treasury
	Safekeeping Trust Company.
	(b)  The Texas state buildings preservation endowment
	[capital renewal trust] fund is created as a [trust] fund outside
	the treasury. The purpose of the fund is to maintain, preserve,
	rehabilitate, and restore the state buildings and grounds over
	which the board has jurisdiction [with the comptroller and shall be
	administered by the board, as a trustee on behalf of the people of
	this state, to maintain and preserve the Capitol, the General Land
	Office Building, their contents, and their grounds].
	(c)  The fund consists of:
	(1)  money transferred or appropriated to the fund by[:
	[(1)  at the direction of] the legislature, including
	money transferred to the fund from the former capital renewal trust
	fund, Governor's Mansion renewal trust fund, and State Cemetery
	preservation trust fund; [or]
	(2)  gifts, grants, and donations contributed to the
	fund for a purpose for which money in the fund may be used under [in
	accordance with] this section; and
	(3)  any returns received from the investment of money
	in the fund.
	(d)  The trust company shall hold, manage, and invest the
	fund, and shall determine the amount available for distribution
	from the fund each year in accordance with a distribution policy
	adopted by the comptroller. The distribution policy must be
	designed to preserve the purchasing power of the assets of the fund,
	provide a stable and predictable series of annual distributions
	from the fund, and meet the liquidity needs of the fund as
	necessary. The expenses of managing the fund and its assets shall
	be paid from the fund. Except as otherwise provided by this
	section, money [(b)  Money] in the fund may not be used [only] for
	any other [the] purpose.
	(e)  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, and other circumstances of the fund then prevailing,
	taking into consideration the investment of all the assets of the
	fund rather than a single investment. At the request of the trust
	company, the board shall provide the trust company with information
	the trust company determines is necessary to ensure that the trust
	company is able to achieve the objectives specified by Subsection
	(d).
	(f)  The board annually may request a distribution from the
	fund in an amount that may not exceed the amount the trust company
	determines is available for distribution in the applicable year
	under Subsection (d). Money distributed from the fund to the board
	may be used only for the purpose of maintaining, [and] preserving,
	rehabilitating, and restoring the buildings [the Capitol, the
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