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A BILL TO BE ENTITLED
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AN ACT
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relating to funds exempt from the Public Funds Investment Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (a), Section 2256.004, Government |
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Code, is amended to read as follows: |
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(a) This subchapter does not apply to: |
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(1) a public retirement system as defined by Section |
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802.001; |
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(2) state funds invested as authorized by Section |
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404.024; |
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(3) an institution of higher education having total |
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endowments of at least $95 million in book value on May 1, 1995; |
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(4) funds invested by the Veterans' Land Board as |
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authorized by Chapter 161, 162, or 164, Natural Resources Code; |
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(5) registry funds deposited with the county or |
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district clerk under Chapter 117, Local Government Code; [or] |
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(6) a deferred compensation plan that qualifies under |
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either Section 401(k) or 457 of the Internal Revenue Code of 1986 |
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(26 U.S.C. Section 1 et seq.), as amended; or |
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(7) funds created through the formation of a nonprofit |
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foundation exempt under Section 501(c)(3), Internal Revenue Code, |
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and consisting of revenue generated from gas well leases, including |
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bonus and royalty payments and any interest generated from that |
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revenue. |
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SECTION 2. This Act takes effect September 1, 2007. |