34 TAC §§18.1 - 18.4
The Comptroller of Public Accounts adopts amendments to §§18.1
- 18.4, concerning the administration and management of the assets of the
Tobacco Settlement Permanent Trust Account (trust account) and the distribution
formula, without changes to the proposed text as published in the January
6, 2006, issue of the
Texas Register
(31 TexReg
82).
The purposes of the amendments are as follows:
First, the amendment to the definitions in §18.1 is intended to simplify
the calculation of the distributions made from the trust account; provide
for predictable, stable, and sustainable distributions over time; and protect
and maintain the inflation adjusted value of the corpus.
Second, the amendment to §18.2 will change the distribution formula
to simplify the calculation of the distributions and provide for predictable,
stable, and sustainable distributions over time while maintaining the inflation
adjusted value of the corpus.
Third, the amendment to §18.3 references the required contribution
to the distribution stabilization account consistent with the revised distribution
formula.
Fourth, the amendment to §18.4 will allow the comptroller or a designee,
in addition to the investment advisory committee chair, to call meetings.
No comments were received regarding adoption of the amendments.
The amendments are adopted under Government Code, §403.1041(h),
which authorizes the comptroller to adopt rules related to the management
and implementation of the trust account.
The amendments implement Government Code, §403.1041(h).
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on February 14, 2006.
TRD-200600757
Martin Cherry
Chief Deputy General Counsel
Comptroller of Public Accounts
Effective date: March 6, 2006
Proposal publication date: January 6, 2006
For further information, please call: (512) 475-0387