HBA-SEB S.B. 1834 76(R)    BILL ANALYSIS


Office of House Bill AnalysisS.B. 1834
By: Sibley
Pensions and Investments
5/10/1999
Engrossed



BACKGROUND AND PURPOSE 

In 1993, the 73rd Texas Legislature authorized state agencies,
universities, public retirement systems, and certain political subdivisions
to invest in bonds from the State of Israel.  In 1995, a rewrite of the
Texas Public Funds Investment Act removed the authority for county and
municipal governments to invest in such bonds.  S.B. 1834 provides that
bonds issued, assumed, or guaranteed by the State of Israel are authorized
investments for governmental entities. 

RULEMAKING AUTHORITY

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

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 2256.009(a), Government Code, to provide that
bonds issued, assumed, or guaranteed by the State of Israel are authorized
investments for governmental entities. Makes a conforming change. 

SECTION 2.Emergency clause.
  Effective date: upon passage.