Section 403.604 - [Multiple Versions] [See Note] Management And Investment Of Fund(a) In this section, "trust company" means the Texas Treasury Safekeeping Trust Company. (b) The trust company shall hold and invest the fund, and any accounts established in the fund, for the comptroller, taking into account the purposes for which money in the fund may be used. The fund may be invested with the state treasury pool and may be pooled with other state assets for purposes of investment. (c) The overall objective for the investment of the fund is to maintain sufficient liquidity to meet the needs of the fund while striving to preserve the purchasing power of the fund over a full economic cycle. (d) In managing the assets of the fund, 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. (e) The trust company shall recover the costs incurred in managing and investing the fund only from the fund. (f) The trust company annually shall provide a written report to the comptroller with respect to the investments of the fund. (g) The trust company shall adopt a written investment policy that is appropriate for the fund. The trust company shall present the investment policy to the investment advisory board established under Section 404.028. The investment advisory board shall submit to the trust company recommendations regarding the policy. (h) The comptroller annually shall provide to the trust company a forecast of the cash flows into and out of the fund. The comptroller shall provide updates to the forecasts as appropriate to ensure that the trust company is able to achieve the fund's objective specified by Subsection (c). (i) The trust company shall disburse money from the fund as directed by the comptroller. Tex. Gov't. Code § 403.604
Added by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 379,Sec. 1, eff. This Act takes effect January 1, 2024, if the constitutional amendment proposed by the 88th Legislature, Regular Session, 2023, creating the broadband infrastructure fund to expand high-speed broadband access and assist in the financing of connectivity projects in the state takes effect. If that amendment is not approved by the voters, this Act has no effect..