Sec. 45.113. TRUST FOR COUNTY PERMANENT SCHOOL FUND. (a) Notwithstanding former Subchapter E, Chapter 17, as that subchapter existed on May 1, 1995, the commissioners court of a county may:
(1) sell or otherwise dispose of county school lands in the manner determined by the court;
(2) establish an irrevocable trust for the proceeds of a sale or other disposition under Subdivision (1); and
(3) invest the principal of a trust created under Subdivision (2) in any investment permitted for other county funds under Chapter 2256, Government Code.
(b) The members of the commissioners court and their successors in office must be the sole trustees of a trust established under Subsection (a)(2). The trustees may not delegate the authority to manage or invest the trust but may contract with qualified persons for investment advice.
(c) The principal of a trust established under Subsection (a)(2) constitutes a portion of the county permanent school fund and must be held in perpetuity for the benefit of the public schools in the county. The income of a trust established under Subsection (a)(2) constitutes a portion of the county available school fund and may be distributed as permitted by law.
Added by Acts 2007, 80th Leg., R.S., Ch. 641 (H.B. 890), Sec. 1, eff. June 15, 2007.
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