HBA-SEB S.B. 805 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 805 By: Ellis, Rodney Pensions and Investments 4/30/1999 Engrossed BACKGROUND AND PURPOSE Currently, the Comptroller of Public Accounts (comptroller) does not have the same investment authority and options over the higher education fund as the board of regents of the University of Texas has over the permanent university fund. S.B. 805 grants the same investment authority to the comptroller of public accounts over the higher education fund that the board of regents of the University of Texas System has over the permanent university fund. 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 62.026(d), Education Code, to require the Comptroller of Public Accounts (comptroller) to administer and invest the higher education fund. Provides that the comptroller has the same investment authority as that provided under Sections 11a (Investment of Permanent University Fund) and 11b (Permanent University Fund; Investments; Texas Growth Fund), Article VII, Texas Constitution, or other law to the board of regents of the University of Texas System with respect to the investment of the permanent university fund. Establishes that the investment authority granted to the comptroller under this subsection is in addition to that provided by Section 404.024, Government Code (Authorized Investments), or other law. SECTION 2.Emergency clause. Effective date: upon passage.