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AN ACT
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relating to the investment of funds by the governing boards of |
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certain institutions of higher education. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 51.0031, Education Code, is amended by |
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adding Subsection (c-1) to read as follows: |
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(c-1) If a governing board does not have under its control |
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at least $25 million in book value of endowment funds, the governing |
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board may contract to pool its funds described in this section with |
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another institution that meets the $25 million in book value of |
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endowment funds threshold established under Subsection (c), and |
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have its funds invested by that governing board under prudent |
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person standards. |
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SECTION 2. This Act takes effect September 1, 2013. |
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______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1019 passed the Senate on |
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April 10, 2013, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1019 passed the House on |
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May 2, 2013, by the following vote: Yeas 147, Nays 0, two present |
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not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |