Texas § GV.485.0225 - TEXAS MOVING IMAGE INDUSTRY INCENTIVE FUND

§ GV.485.0225. TEXAS MOVING IMAGE INDUSTRY INCENTIVE FUND

TEXAS MOVING IMAGE INDUSTRY INCENTIVE FUND. (a) In this section, "trust company" means the Texas Treasury Safekeeping Trust Company. (b) The Texas moving image industry incentive fund is established as a fund outside the state treasury to be held and invested by the trust company and administered by the office. (c) Money in the incentive fund may be spent without legislative appropriation and may be used only for the purposes of awarding grants under this subchapter and paying the trust company's expenses of managing the incentive fund's assets. (d) The incentive fund consists of: (1) money appropriated, transferred, or deposited to the credit of the incentive fund by the legislature; (2) money, including the proceeds of a fee or tax imposed by this state, that by statute is dedicated for deposit to the credit of the incentive fund; (3) investment earnings and interest earned on amounts credited to the incentive fund; and (4) gifts, grants, and donations made to the office and deposited to the credit of the incentive fund. (e) The trust company shall hold and invest the incentive fund. The incentive fund may be invested with the state treasury pool and may be pooled with other state assets for purposes of investment. (f) The overall objective for the investment of the incentive fund is to maintain sufficient liquidity to meet the needs of the incentive fund while striving to preserve the purchasing power of the incentive fund over a full economic cycle. (g) 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 incentive fund then prevailing, taking into consideration the investment of all the assets of the incentive fund rather than a single investment. (h) The expenses of managing the incentive fund's assets shall be paid from the incentive fund. (i) The office annually shall provide to the trust company a forecast of the cash flows into and out of the incentive fund. The office shall provide updates to the forecast as appropriate to ensure the trust company is able to achieve the objective specified by Subsection (f). (j) The trust company shall disburse money from the incentive fund as directed by the office. Added by Acts 2025, 89th Leg., R.S., Ch. 1187 (S.B. 22 ), Sec. 2.03, eff. September 1, 2025. Repealed by Acts 2025, 89th Leg., R.S., Ch. 1187 (S.B. 22 ), Sec. 3.05(3), eff. August 31, 2035. Text of section effective until September 01, 2035