H.B. No. 2841
AN ACT
relating to conforming the statutes to reflect the abolishment of the office of state treasurer.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
ARTICLE 1.CHANGES TO ALCOHOLIC BEVERAGE CODE
SECTION1.01. Section 5.441(a), Alcoholic Beverage Code, is amended to read as follows:
(a)If a member of the commission, the administrator, or an employee of the commission is called to attend a federal or state judicial proceeding inside or outside the state and the attendance relates to the individual's duties with the commission, the individual shall pay to the comptroller [state treasurer] any witness fees he receives. The comptroller [treasurer] shall deposit the fees in the state treasury to the credit of an appropriation made to the commission for payment of fees and mileage of witnesses called by the commission.
SECTION1.02. Section 11.35, Alcoholic Beverage Code, is amended to read as follows:
Sec.11.35.Payment of Fee. Each permit application must be accompanied by a cashier's check or money order for the amount of the state fee, payable to the order of the comptroller [state treasurer].
SECTION1.03. Section 201.06(a), Alcoholic Beverage Code, is amended to read as follows:
(a)The tax on liquor, levied and computed under this subchapter, shall be paid by a remittance payable to the comptroller [state treasurer] and forwarded together with any required sworn statement of taxes due to the commission in Austin on or before the date it is due.
SECTION1.04. Section 201.48, Alcoholic Beverage Code, is amended to read as follows:
Sec.201.48.Payment. The tax on ale and malt liquor shall be paid by a remittance payable to the comptroller [state treasurer] and forwarded, together with any required sworn statements of taxes due, to the commission in Austin on or before the date it is due. A discount of two percent of the amount due shall be withheld by the permittee or licensee for keeping records, furnishing bonds, and properly accounting for the remittance of the tax due. No discount is permitted if the tax is delinquent at the time of payment.
SECTION1.05. Section 201.97(b), Alcoholic Beverage Code, is amended to read as follows:
(b)On requisition of the commission, the tax stamps shall be printed under the direction of the General Services Commission [board of control] and furnished to the comptroller [state treasurer], who shall furnish the tax stamps only to holders of medicinal permits in this state.
SECTION1.06. Section 203.10, Alcoholic Beverage Code, is amended to read as follows:
Sec.203.10.Payment of Taxes; Discount. The tax on beer shall be paid by a remittance payable to the comptroller [state treasurer] and forwarded with any required sworn statements of taxes due to the commission in Austin on or before the due date. A discount of two percent of the amount due shall be withheld by the permittee or licensee for keeping records, furnishing bonds, and properly accounting for the remittance of the tax due. No discount is permitted if the tax is delinquent at the time of payment.
ARTICLE2.CHANGES TO AGRICULTURE CODE
SECTION2.01. Section 14.023, Agriculture Code, is amended to read as follows:
Sec.14.023.Termination of Storage. (a)A warehouseman desiring to terminate the storage of grain in the warehouseman's warehouse, including grain that is abandoned or is unclaimed prior to the sale of a warehouse, shall do so in accordance with Sections 7.206 and 7.210, Business & Commerce Code, except that the warehouseman is not required to hold the balance of the proceeds of a sale, but may transfer the balance to the comptroller [state treasurer], who shall treat the money in the same manner as an escheated bank account.
(b)A purchaser in good faith of grain sold under Section 7.210, Business & Commerce Code, takes the grain free of any rights of the holder of the receipt, but the receipt is evidence of entitlement to the escheated funds deposited with the comptroller [state treasurer] under Subsection (a) of this section.
SECTION2.02. Sections 44.007(f), (g), (h), and (i), Agriculture Code, are amended to read as follows:
(f)After reviewing each linked deposit loan application, the board shall recommend to the comptroller [state treasurer] the acceptance or rejection of the application.
(g)After acceptance of the application, the comptroller [state treasurer] shall place a linked deposit with the applicable eligible lending institution for the period the comptroller [treasurer] considers appropriate. The comptroller [state treasurer] may not place a deposit for a period extending beyond the state fiscal biennium in which it is placed. Subject to the limitation described by Section 44.010 of this chapter, the comptroller [treasurer] may place time deposits at an interest rate described by Section 44.001(5)(A) of this chapter, notwithstanding any order of the State Depository Board to the contrary.
(h)Before the placing of a linked deposit, the eligible lending institution and the state, represented by the comptroller [state treasurer] and the board, shall enter into a written deposit agreement containing the conditions on which the linked deposit is made.
(i)If a lending institution holding linked deposits ceases to be a state depository, the comptroller [state treasurer] may withdraw the linked deposits.
SECTION2.03. Section 44.008(b), Agriculture Code, is amended to read as follows:
(b)The board shall monitor compliance with this chapter and inform the comptroller [state treasurer] of noncompliance on the part of an eligible lending institution.
SECTION2.04. Sections 58.032(c) and (f), Agriculture Code, are amended to read as follows:
(c)The board may provide for the establishment and maintenance of separate accounts within the Texas agricultural fund, including program accounts as prescribed by the board, an interest and sinking account, a reserve account, and other accounts provided for by the board in its resolutions. Repayments of financial assistance under any program funded in whole or in part with the proceeds of any series of general obligation bonds shall be deposited first in the interest and sinking account as prescribed by the board's resolutions authorizing such series of general obligation bonds, and second in the reserve account in respect of such series of general obligation bonds until that account is fully funded as prescribed by the board's resolutions. The fund and all accounts within it shall be kept and maintained at the direction of the board and held in trust by the comptroller [state treasurer] for and on behalf of the authority and the owners of the general obligation bonds issued in accordance with this chapter, and may be used only as provided by this chapter. Pending its use, money in the fund shall be invested as prescribed by the resolution by which the bonds were issued.
(f)The department may receive, and shall deposit in the Texas agricultural fund, appropriations, grants, donations, earned federal funds, and the proceeds of any investment pools operated by the comptroller [treasurer].
SECTION2.05. Section 58.033(d), Agriculture Code, is amended to read as follows:
(d)The board may make additional covenants with respect to the bonds and the pledged revenues and may provide for the flow of funds, the establishment and maintenance and investment of funds, which may include interest and sinking funds, reserve funds, program funds, and other funds. Those funds shall be kept and maintained in escrow and in trust by the comptroller [state treasurer] for and on behalf of the authority and the owners of its revenue bonds, in funds held outside the treasury pursuant to Chapter 404, Government Code [Section 3.051, Treasury Act (Article 43931, Vernon's Texas Civil Statutes)]. Those funds shall be used only as provided by this chapter, and pending their use shall be invested as provided by any resolution of the authority. Legal title to those funds shall be in the authority unless or until paid out as provided by this chapter or by the resolutions authorizing the authority's bonds. The comptroller [state treasurer], as custodian, shall administer those funds strictly and only as provided by this chapter and in those resolutions. The comptroller [treasurer] shall invest the funds in investments authorized by law for state funds. The state shall take no action with respect to those funds other than that specified in this chapter and in those resolutions.
SECTION2.06. Section 58.035, Agriculture Code, is amended to read as follows:
Sec.58.035.Refunding Bonds. The authority may issue, sell, and deliver bonds to refund all or any part of its outstanding bonds, including the payment of any redemption premium and interest accrued, under such terms, conditions, and details as determined by the board. Bonds issued by the authority may be refunded in the manner provided by any other applicable statute, including Chapter 503, Acts of the 54th Legislature, Regular Session, 1955 (Article 717k, Vernon's Texas Civil Statutes), and Chapter 784, Acts of the 61st Legislature, Regular Session, 1969 (Article 717k3, Vernon's Texas Civil Statutes). Bonds, the provision for the payment of all interest and applicable premiums on which and the principal of which has been made through the irrevocable deposit of money with the comptroller [treasurer] in accordance with the provisions of such an applicable statute, shall no longer be charged against the issuing authority of the authority, and on the making of such provision such issuing authority shall, to the extent of the principal amount of such bonds, be restored.
SECTION2.07. Section 58.039(a), Agriculture Code, as added by Chapter 32, Acts of the 70th Legislature, 2nd Called Session, 1987, is amended to read as follows:
(a)The bond review board is composed of:
(1)the governor;
(2)the lieutenant governor;
(3)the speaker of the house of representatives; and
(4)[the state treasurer; and
[(5)]the comptroller of public accounts.
SECTION2.08. Section 59.015(a), Agriculture Code, is amended to read as follows:
(a)The board may use money in the fund attributable to the issuance and sale of bonds to pay:
(1)legal fees and fees for financial advice the board finds necessary for the sale of bonds;
(2)the expense of publishing notice of sale of an installment of bonds;
(3)the expense of printing the bonds;
(4)the expense of issuing the bonds, including the actual costs of travel, lodging, and meals of officers, members, or employees of the board, directors or employees of the authority, the comptroller, [the state treasurer,] or the attorney general that the board finds necessary to implement the issuance, rating, or delivery of the bonds;
(5)the cost of manually signing the bonds;
(6)remuneration to any agent employed by the board to pay the principal of and interest on the bonds;
(7)any amount required to be paid to maintain the federal tax exemption of interest on the bonds; or
(8)any other cost, fee, or expense relating to the issuance of the bonds.
SECTION2.09. Section 59.016(b), Agriculture Code, as amended by Chapter 265, Acts of the 74th Legislature, Regular Session, 1995, is amended to read as follows:
(b)Money in the fund that is not immediately committed to paying principal of and interest on the bonds or to paying expenses as provided by Section 59.015 of this code may be invested by the board in:
(1)a direct security repurchase agreement or reverse security repurchase agreement made with a state or national bank domiciled in this state or with a primary dealer approved by the federal reserve system;
(2)a direct obligation of or obligation the principal and interest of which are guaranteed by the United States government;
(3)a direct obligation of or obligation guaranteed by the Federal Home Loan Banks, the Federal National Mortgage Association, the Federal Farm Credit System, the Student Loan Marketing Association, the Federal Home Loan Mortgage Corporation, or a successor to one of those organizations;
(4)a bankers' acceptance that:
(A)is eligible for purchase by a member of the federal reserve system;
(B)matures in 270 days or less; and
(C)is issued by a bank that has received the highest shortterm credit rating by a nationally recognized investment rating firm;
(5)commercial paper that:
(A)matures in 270 days or less; and
(B)has received the highest shortterm credit rating by a nationally recognized investment rating firm;
(6)a contract that is written by the board in which the board grants the purchaser the right to purchase securities in the board's marketable securities portfolio at a specified price over a specified period and for which the board is paid a fee and that specifically prohibits nakedoption or uncovered option trading;
(7)an obligation of a state or of an agency, county, city, or other political subdivision of a state or a mutual fund composed of those obligations;
(8)an investment instrument, obligation, or other evidence of indebtedness the payment of which is directly or indirectly guaranteed by the full faith and credit of the United States government;
(9)an investment, account, depository receipt, or deposit that is fully:
(A)insured by the Federal Deposit Insurance Corporation or a successor to that organization; or
(B)secured by a security described by Subdivision (2), (3), or (8) of this subsection;
(10)a collateralized mortgage obligation fully secured by securities or mortgages issued or guaranteed by the Government National Mortgage Association (GNMA) or any entity identified by Subdivision (3) of this subsection;
(11)a security or evidence of indebtedness issued by the Farm Credit System Financial Assistance Corporation, the Private Export Funding Corporation, or the ExportImport Bank; and
(12)any other investment authorized for investment of state funds by the comptroller [state treasurer] under Section 404.024, Government Code.
SECTION2.10. Sections 59.021(e) and (h), Agriculture Code, are amended to read as follows:
(e)The fund and each account in the fund shall be kept and maintained at the direction of the board and held in trust by the comptroller [state treasurer] for and on behalf of the board and the owners of the bonds issued under this chapter.
(h)The board may receive, and shall deposit in the fund, appropriations, grants, donations, earned federal funds, and the proceeds of any investment pools operated by the comptroller [state treasurer].
SECTION2.11. Section 103.002(a), Agriculture Code, is amended to read as follows:
(a)The produce recovery fund is a special trust fund with the comptroller [state treasurer] administered by the department, without appropriation, for the payment of claims against commission merchants and retailers licensed under Chapter 101 or 102 of this code.
SECTION2.12. Section 131.024(d), Agriculture Code, is amended to read as follows:
(d)The owner of bees, equipment, pollen, or honey treated or destroyed under this section is liable for the costs of treatment or destruction, and the inspector may sue to collect those costs. The inspector shall remit money collected under this subsection to the comptroller [state treasurer] for deposit to the credit of the general revenue fund.
SECTION2.13. Section 131.063(b), Agriculture Code, is amended to read as follows:
(b)The inspector shall remit money collected under this section to the comptroller [State Treasurer] for deposit to the credit of the bee disease control fund.
SECTION2.14. Section 201.023(c), Agriculture Code, is amended to read as follows:
(c)The state board by resolution may authorize the chairman of the board or the administrative officer to approve claims and accounts payable by the board. That approval is sufficient to authorize the comptroller of public accounts to issue a warrant drawn on the funds appropriated to the board for payment of the claim and is sufficient to authorize the comptroller [state treasurer] to honor payment of the warrant.
SECTION2.15. Section 252.056(a), Agriculture Code, is amended to read as follows:
(a)Except as provided by Subsection (b) of this section, proceeds derived from the sale of the bonds, less the administrative costs of issuing the bonds, shall be deposited with the comptroller [state treasurer] to the credit of the farm and ranch loan security fund.
SECTION2.16. Section 252.057, Agriculture Code, is amended to read as follows:
Sec.252.057.Payment of Principal and Interest. As required by Article III, Section 50c, of the Texas Constitution, out of the first money coming into the treasury in each fiscal year not otherwise appropriated by the constitution, the comptroller [state treasurer] shall pay or cause to be paid the principal on bonds issued under this chapter as they mature and the interest as it becomes payable, after using for that purpose any funds that are on deposit in the interest and sinking fund and are available for that purpose.
SECTION2.17. Section 252.062, Agriculture Code, is amended to read as follows:
Sec.252.062.Mandamus. The performance of the official duties of the commissioner and[,] the comptroller [and the treasurer] under this chapter and the constitution and the duties of any state officer imposed by the order authorizing the bonds may be enforced by mandamus or other appropriate proceeding.
ARTICLE 3. CHANGES TO BUSINESS CORPORATION ACT
SECTION3.01. Article 7.11, Texas Business Corporation Act, is amended to read as follows:
Art.7.11.Deposit with Comptroller [State Treasurer] of Amount Due Certain Shareholders and Creditors. A.Upon the voluntary or involuntary dissolution of a corporation, the portion of the assets distributable to a creditor or shareholder who is unknown or cannot be found after the exercise of reasonable diligence by the person or persons responsible for the distribution in liquidation of the corporation's assets shall be reduced to cash and deposited with the Comptroller [State Treasurer], together with a statement giving the name of the person, if known, entitled to such fund, his last known address, the amount of his distributive portion, and such other information about such person as the Comptroller [State Treasurer] may reasonably require, whereupon the person or persons responsible for the distribution in liquidation of the corporation's assets shall be released and discharged from any further liability with respect to the funds so deposited. The Comptroller [State Treasurer] shall issue his receipt for such fund and shall deposit same in a special account to be maintained by him.
B.On receipt of satisfactory written proof of ownership or of right to such fund within seven (7) years from the date such fund was so deposited, the Comptroller [State Treasurer shall certify such fact to the Comptroller of Public Accounts, who] shall issue proper warrant therefor [drawn on the State Treasurer] in favor of the person or persons then entitled thereto. If no claimant has made satisfactory proof of right to such fund within seven (7) years from the time of such deposit the Comptroller [State Treasurer] shall then cause to be published in one issue of a newspaper of general circulation in Travis County, Texas, a notice of the proposed escheat of such fund, giving the name of the creditor or shareholder apparently entitled thereto, his last known address, if any, the amount of the fund so deposited, and the name of the dissolved corporation from whose assets such fund was derived. If no claimant makes satisfactory proof of right to such fund within two months from the time of such publication, the fund so unclaimed shall thereupon automatically escheat to and become the property of the General Revenue Fund of the State of Texas.