Sec. 45.107. INVESTMENT OF GIFTS, DEVISES, AND BEQUESTS. A gift, devise, or bequest made to a school district to provide college scholarships for graduates of the district may be invested by the board of trustees of the district as provided by Section 117.004, Property Code, unless otherwise specifically provided by the terms of the gift, devise, or bequest.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 9, eff. Jan. 1, 2004.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 45 - School District Funds
Subchapter E. Miscellaneous Provisions
Section 45.101. Use of Bond Proceeds for Utility Connections
Section 45.103. Interest-Bearing Time Warrants
Section 45.104. Pledge of Delinquent Taxes as Security for Loan
Section 45.105. Authorized Expenditures
Section 45.107. Investment of Gifts, Devises, and Bequests
Section 45.108. Borrowing Money for Current Maintenance Expenses
Section 45.109. Contracts for Athletic Facilities
Section 45.110. Authorized but Unissued Bonds
Section 45.1105. Use of Unspent General Obligation Bond Proceeds
Section 45.112. Contracts for Investment of Debt Service Funds