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

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

FULL TEXT:
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.