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House Bill 3699 |
House Author: McCall |
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Effective: 6-15-07 |
Senate Sponsor: Williams |
House Bill 3699 amends the Natural Resources Code and the Education Code to broaden the School Land Board's (SLB) authority to manage and control land, mineral and royalty interests, real estate investments, and other interests that are dedicated to the permanent school fund. The bill authorizes the SLB to designate funds received from the lands, interests, investments, and mineral estate for deposit in the real estate special fund account (RESF), rather than a special fund account as provided in previous law. The bill expands the permissible uses of the RESF account and authorizes the SLB to confer with employees or third parties regarding investments and potential investments in real estate. The bill provides the SLB with the option to appoint investment consultants or advisors to assist the board in investing, rather than appointing investment managers to invest, money in the special fund, and deletes certain qualification requirements for managers. The bill also authorizes the SLB and the State Board of Education to make certain transfers to and from the RESF account.