Texas Statutes
Subchapter A. General Provisions
Section 43.0031. Permanent School Fund Ethics Policy

Sec. 43.0031. PERMANENT SCHOOL FUND ETHICS POLICY. (a) In addition to any other requirements provided by law, the State Board of Education shall adopt and enforce an ethics policy that provides standards of conduct relating to the management and investment of the permanent school fund. The ethics policy must include provisions that address the following issues as they apply to the management and investment of the permanent school fund and to persons responsible for managing and investing the fund:
(1) general ethical standards;
(2) conflicts of interest;
(3) prohibited transactions and interests;
(4) the acceptance of gifts and entertainment;
(5) compliance with applicable professional standards;
(6) ethics training; and
(7) compliance with and enforcement of the ethics policy.
(b) The ethics policy must include provisions applicable to:
(1) members of the State Board of Education;
(2) the commissioner;
(3) employees of the agency; and
(4) any person who provides services to the board relating to the management or investment of the permanent school fund.
(c) Not later than the 45th day before the date on which the board intends to adopt a proposed ethics policy or an amendment to or revision of an adopted ethics policy, the board shall submit a copy of the proposed policy, amendment, or revision to the Texas Ethics Commission and the state auditor for review and comments. The board shall consider any comments from the commission or state auditor before adopting the proposed policy.
(d) The provisions of the ethics policy that apply to a person who provides services to the board relating to the management or investment of the permanent school fund must be based on the Code of Ethics and the Standards of Professional Conduct prescribed by the Association for Investment Management and Research or other ethics standards adopted by another appropriate professionally recognized entity.
(e) The board shall ensure that applicable provisions of the ethics policy are included in any contract under which a person provides services to the board relating to the management and investment of the permanent school fund.
Added by Acts 1999, 76th Leg., ch. 1488, Sec. 1, eff. Sept. 1, 1999.

Structure Texas Statutes

Texas Statutes

Education Code

Title 2 - Public Education

Subtitle I - School Finance and Fiscal Management

Chapter 43 - Permanent School Fund and Available School Fund

Subchapter A. General Provisions

Section 43.001. Composition of Permanent School Fund and Available School Fund

Section 43.002. Transfers From Permanent School Fund and General Revenue Fund to Available School Fund

Section 43.003. Investment of Permanent School Fund

Section 43.0031. Permanent School Fund Ethics Policy

Section 43.0032. Conflicts of Interest

Section 43.0033. Reports of Expenditures

Section 43.0034. Forms; Public Information

Section 43.004. Written Investment Objectives; Performance Evaluation

Section 43.005. External Investment Managers

Section 43.0051. Transfers to Real Estate Special Fund Account of the Permanent School Fund

Section 43.0052. Quarterly Reports

Section 43.006. Investment Management

Section 43.007. Purchase and Sale or Exchange of Securities

Section 43.009. Prepayment of Certain Bonds Held by the Permanent School Fund

Section 43.010. Default of School District Securities Held by the Permanent School Fund

Section 43.011. Authorized Refunding of Defaulted School Bonds

Section 43.012. Refunding Other Defaulted Obligations

Section 43.013. Jurisdiction

Section 43.014. Duties of Comptroller

Section 43.015. Duties of Comptroller

Section 43.016. Use of Available School Fund

Section 43.017. Use of Commercial Banks as Agents for Collection of Income From Permanent School Fund Investments

Section 43.018. Participation in Fully Secured Securities Loan Programs

Section 43.019. Accounting Treatment of Certain Exchanges

Section 43.020. Treatment of Accrued Income