| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the investment of funds by the governing boards of |
|
|
certain institutions of higher education. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 51.0031, Education Code, is amended by |
|
|
adding Subsection (c-1) to read as follows: |
|
|
(c-1) If a governing board does not have under its control |
|
|
at least $25 million in book value of endowment funds, the governing |
|
|
board may contract to pool its funds described in this section with |
|
|
another institution that meets the $25 million in book value of |
|
|
endowment funds threshold established under Subsection (c), and |
|
|
have its funds invested by that governing board under prudent |
|
|
person standards. |
|
|
SECTION 2. This Act takes effect September 1, 2013. |