85R3063 MM-D
 
  By: Capriglione H.B. No. 1472
 
 
 
A BILL TO BE ENTITLED
 
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.