By: Nelson, Davis  S.B. No. 894
         (In the Senate - Filed February 17, 2009; March 9, 2009,
  read first time and referred to Committee on Intergovernmental
  Relations; April 17, 2009, reported favorably by the following
  vote:  Yeas 3, Nays 0; April 17, 2009, sent to printer.)
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to municipal investment of public funds received from the
  management and development of mineral rights.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 2256, Government Code, is
  amended by adding Section 2256.0202 to read as follows:
         Sec. 2256.0202.  AUTHORIZED INVESTMENTS:  MUNICIPAL FUNDS
  FROM MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS.  (a)  In
  addition to other investments authorized under this subchapter, a
  municipality may 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 Subtitle B, Title 9, Property Code (Texas Trust Code).
         (b)  Funds invested by a municipality under this section
  shall be segregated and accounted for separately from other funds
  of the municipality.
         SECTION 2.  This Act takes effect September 1, 2009.
 
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