|
|
|
|
AN ACT
|
|
relating to investment by a public junior college district 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 2256.0206 to read as follows: |
|
Sec. 2256.0206. AUTHORIZED INVESTMENTS: PUBLIC JUNIOR |
|
COLLEGE DISTRICT FUNDS FROM MANAGEMENT AND DEVELOPMENT OF MINERAL |
|
RIGHTS. (a) In addition to other investments authorized under |
|
this subchapter, the governing board of a public junior college |
|
district may invest funds received by the district from a lease or |
|
contract for the management and development of land owned by the |
|
district 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 the governing board of a public junior |
|
college district under this section shall be segregated and |
|
accounted for separately from other funds of the district. |
|
SECTION 2. This Act takes effect September 1, 2017. |
|
|
|
______________________________ |
______________________________ |
|
President of the Senate |
Speaker of the House |
|
|
|
I certify that H.B. No. 1472 was passed by the House on May 6, |
|
2017, by the following vote: Yeas 144, Nays 0, 2 present, not |
|
voting. |
|
|
|
______________________________ |
|
Chief Clerk of the House |
|
|
|
I certify that H.B. No. 1472 was passed by the Senate on May |
|
19, 2017, by the following vote: Yeas 31, Nays 0. |
|
|
|
______________________________ |
|
Secretary of the Senate |
|
APPROVED: _____________________ |
|
Date |
|
|
|
_____________________ |
|
Governor |