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A BILL TO BE ENTITLED
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AN ACT
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relating to municipal investment of public funds received from the |
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management and development of mineral rights. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
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amended by adding Section 2256.0202 to read as follows: |
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Sec. 2256.0202. AUTHORIZED INVESTMENTS: MUNICIPAL FUNDS |
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FROM MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS. (a) In |
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addition to other investments authorized under this subchapter, a |
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municipality may invest funds received by the municipality from a |
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lease or contract for the management and development of land owned |
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by the municipality and leased for oil, gas, or other mineral |
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development in any investment authorized to be made by a trustee |
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under Subtitle B, Title 9, Property Code (Texas Trust Code). |
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(b) Funds invested by a municipality under this section |
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shall be segregated and accounted for separately from other funds |
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of the municipality. |
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SECTION 2. This Act takes effect September 1, 2009. |