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A BILL TO BE ENTITLED
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AN ACT
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relating to investment by a public junior college district of |
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public funds received from the management and development of |
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mineral rights. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
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amended by adding Section 2256.0206 to read as follows: |
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Sec. 2256.0206. AUTHORIZED INVESTMENTS: PUBLIC JUNIOR |
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COLLEGE DISTRICT FUNDS FROM MANAGEMENT AND DEVELOPMENT OF MINERAL |
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RIGHTS. (a) In addition to other investments authorized under |
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this subchapter, the governing board of a public junior college |
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district may invest funds received by the district from a lease or |
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contract for the management and development of land owned by the |
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district and leased for oil, gas, or other mineral development in |
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any investment authorized to be made by a trustee under Subtitle B, |
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Title 9, Property Code (Texas Trust Code). |
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(b) Funds invested by the governing board of a public junior |
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college district under this section shall be segregated and |
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accounted for separately from other funds of the district. |
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SECTION 2. This Act takes effect September 1, 2017. |