Bill Text: TX HB1472 | 2017-2018 | 85th Legislature | Enrolled

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Bill Title: Relating to investment by a public junior college district of public funds received from the management and development of mineral rights.

Spectrum: Moderate Partisan Bill (Republican 6-1)

Status: (Passed) 2017-06-01 - Effective on 9/1/17 [HB1472 Detail]

Download: Texas-2017-HB1472-Enrolled.html

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H.B. No. 1472

AN ACT
relating to investment by a public junior college district of
public funds received from the management and development of
mineral rights.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 2256, Government Code, is
amended by adding Section 2256.0206 to read as follows:
Sec. 2256.0206. AUTHORIZED INVESTMENTS: PUBLIC JUNIOR
COLLEGE DISTRICT FUNDS FROM MANAGEMENT AND DEVELOPMENT OF MINERAL
RIGHTS. (a) In addition to other investments authorized under
this subchapter, the governing board of a public junior college
district may invest funds received by the district from a lease or
contract for the management and development of land owned by the
district and leased for oil, gas, or other mineral development in
any investment authorized to be made by a trustee under Subtitle B,
Title 9, Property Code (Texas Trust Code).
(b) Funds invested by the governing board of a public junior
college district under this section shall be segregated and
accounted for separately from other funds of the district.
SECTION 2. This Act takes effect September 1, 2017.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 1472 was passed by the House on May 6,
2017, by the following vote: Yeas 144, Nays 0, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 1472 was passed by the Senate on May
19, 2017, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor