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Senate Bill 894 |
Senate Author: Nelson et al. |
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Effective: 9-1-09 |
House Sponsor: Truitt |
Senate Bill 894 amends the Government Code to authorize a municipality to invest funds received by the municipality from a lease or contract for the management and development of land owned by the municipality and leased for oil, gas, or other mineral development in any investment authorized to be made by a trustee under the Texas Trust Code. The bill requires the excess funds invested by a municipality to be segregated and accounted for separately from other municipal funds.