Sec. 130.007. ENDOWMENT FUND. (a) The board of trustees of a public junior college may establish an endowment fund outside the state treasury in a depository selected by the board of trustees.
(b) The board of trustees may deposit local funds collected by the board to the credit of the endowment fund.
(c) The board of trustees may accept gifts and grants from any public or private source for the endowment fund.
(d) The endowment fund consists of local funds deposited to the credit of the endowment fund, gifts, grants, and income from investing the endowment fund.
(e) The board of trustees may invest the endowment fund in securities, bonds, and other investments that the board considers prudent. In making investments under this section, the board shall exercise the judgment and care under the circumstances then prevailing that a person of ordinary prudence, discretion, and intelligence exercises in the management of the person's own affairs.
(f) The board may not spend any money deposited in the endowment fund as local funds, gifts, or grants but may spend any income from investing the endowment fund for the operation or maintenance of the junior college.
Added by Acts 1993, 73rd Leg., ch. 391, Sec. 1, eff. June 2, 1993.
Structure Texas Statutes
Subtitle G - Non-Baccalaureate System
Chapter 130 - Junior College Districts
Subchapter A. General Provisions
Section 130.001. Supervision by Coordinating Board, Texas College and University System
Section 130.0011. Public Junior Colleges; Role and Mission
Section 130.002. Extent of State and Local Control
Section 130.0021. Conveyance of Certain Real Property
Section 130.003. State Appropriation for Public Junior Colleges
Section 130.0031. Transfers: When Made
Section 130.00311. Methods of Inclusion or Participation in Junior College District
Section 130.0032. Tuition for Students Residing Outside of District
Section 130.0033. Pilot Project: Reduced Tuition for Certain Courses
Section 130.0034. Tuition for Repeated Courses
Section 130.0035. Performance Reports
Section 130.0036. Report on Student Enrollment Status
Section 130.004. Authorized Types of Public Junior Colleges
Section 130.005. Change of Name to Community College District
Section 130.0051. Other Change of Name by Junior College District
Section 130.006. Course Held Outside District
Section 130.007. Endowment Fund
Section 130.008. Courses for Joint High School and Junior College Credit
Section 130.0081. Agreement With Junior College District
Section 130.009. Uniform Dates for Adding or Dropping Course
Section 130.010. Purchasing Contracts
Section 130.0101. Acquisition of Library Materials
Section 130.0102. Mexican American Studies Program or Course Work
Section 130.0103. Dual Usage Educational Complex
Section 130.0104. Multidisciplinary Studies Associate Degree Program
Section 130.0105. Commercial Driver's License Training Program; Certain Curriculum Requirements
Section 130.0106. Occupational and Life Skills Associate Degree Program