Texas Register
(28 TexReg 905). The purposes of
the amendments are as follows:
First, the amendment to the definitions in §18.1 will reflect changes
intended to protect and grow the corpus, to stabilize and grow distributions
over time and to address deposits into the distribution stabilization account.
Second, the amendment to §18.2 will outline distribution objectives
and change the distribution formula to stabilize and grow distributions over
time.
Third, the amendment to §18.8 will amend the termination clause and
provide for an annual review by the comptroller.
Fourth, amendments to §§18.3-18.8 will make technical and non-substantive
improvements to the sections.
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 Tobacco Settlement Permanent 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 March 7, 2003.
TRD-200301612
Martin Cherry
Chief Deputy General Counsel
Comptroller of Public Accounts
Effective date: March 27, 2003
Proposal publication date: January 31, 2003
For further information, please call: (512) 475-0387