!.’ I j 1 OFFICE OF THE A’ITORNEY GENERAL OF WXAS . . , ‘. ’ ! 1 iRISTIN i . .* o-GlM”“i A?--- ‘j . c -.

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. ~.9, D. B. snpp8'~Esooutlvb Saor&tarj ,yoacber Retlroment Bgdtim 

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Btato roximntoly $447,000.00 ~... G,OO3.00 th.oroSorc roproaontn ‘a char Snviqg~ Pmd, and your opinion , “, ’ ’ oquoatod an tcr’tihetiior or hot this ‘. .;. ‘~ ’ profit CM bo oonoizuod to bo lncom althin tho pro- :. -:, “, ’ vioibna of Sub Motion 6 dS Seotlon 0 of the .Teao!mr ’ : . ’ Roilroment Lnw, . a’. ’
., . . . “ . nIS this profit **..&A** ba ‘ao corlatruod ad ~inoomo ‘,. _’:

. ’ within t;ho povialanfi OS the Article above roforrod’ : ’ .~ .to, o&n the pi-oi3.t ‘Won bo diatributtid to the variouo “, individual. ~toachoref aooounta in aoaordnnco YI:rith the. .proviaiono of SeatTon 0, Sub 8eotion 1 R OS the .,.: Toaaher’ notiroxmnt. map ~, : ’ ’ I . 1~ ;:z.j,!,; ‘: 1 : ‘< . . I 

### i-“IS! tine ‘nbok roforrod to profit Q&n not bo ”

IJO construed, your opMon b further roquootod L j ., .. * aa to what diopoeltiun the 6ystom rrhould nnlco . - OS the profit. ” i .~ ‘_ * .

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. I I -. ’ Repl&g to yo: quootiona 00 quote Sitibaootion 6 of . 6otlon 8 of the Tonchor Retironont Law, 88 amondod by.& BI .d #oe 602, 48th Laglelature, which reade ~au follonsr . ; : .

. . ‘ . “The fnteroot Fuud %tshcroby croatcd to Saci’l- ;I. a-; :. ‘ ;
‘: .itata &.a orediling of Interest to the variouo : ‘. . .. ., .._ othor flUl&B. AU i.nccmol intorost and dividondo ’ .I! I:. .- ’ .::L.. .. dorivod from ‘tho .doposito and lnvostmonto av.th?r- ‘*. i : ; ‘. ,. . “? l. lead by. thin bet shall bo pa3.d ,Snto. tho Intoroot ..~. Fund. . ‘. On00 oath yoar on Aufptet 31, lntoroot shall !. : ‘. . ’ _ : i. . . .bo alloued .and tranaiorred to tho othor Sundrc, rea,in * apootivoly. The Gtato Board of Truetooa shall ‘:i- .: j ’ annually tranefer to the oredlt of tha lntoroclt ” : ., ’ ‘. ~. ’ re8eaw acoount of the Permanent llotiromont Fun& ‘all of,ooaa sarniugo after intorost-bear ‘. 9.B . ’ ‘: ’ ‘-’ ‘- . ‘ jj.. fun& ’ . ‘ 1

,,_ :~ i and the Exponae h.n~ have been duly orodl d WA& e . . 2, : .Sootion 8, kaboerrtion .i(d) OS the satru)law is br&ht ; +. :, ;!. ,

. iorward in Ii. D4 Ro4 ‘ 602 au Bootion 6, Subaeoti’on l(e) and .Foads .-] ‘-i: “’ a0 follors t . . _._ ‘z.. . . .. ’ .,.~. %rront P&root on mombo&t oontrlbutionn’ .. i ‘:.:. i 5 shrill, be credltod annually aukof Awuet slat and. shell .be alloved on the amouut of tho aooumulntod ’ .~, .: ;... ’ .i i f contributiona standing to the oroait of the mod-’ bcr ‘at the bagxnning of the yoar and ohalJ. not bo. ; ’ ; : “. ! ’ ; allowed for parta of. a year. Following the tarti- : , ,!,. .; ;.y . ,. ‘._ nation of memborahip in the Rotiremont Syston for ; : . ” j . ‘, I., thooe momboro who have boon absent from wrvioe for , ~Slve (6), gears’ln:any porlod 0s~ iiz (8) oone.goutlva .. . ’ I.*:, i.,

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. yoara, tho l’oaohcx mombcra sha: ! Saving Fund account or SUCh~ . ~*

11 bo cloood and warrants oovoring . .: the total accumulated contributions Bent to thorn .* upon tho fi1j.w OS Sowal application. Until’ the . . -
.. . time of payment of such aocumulat.od contrlbutiona, : ’ ’ said toaohor ahall rocoivo no lntorost on tln0 amount duo him under this subeeotlon, and the . ’ . ’ - anwunt shall bo hold in a non-iutarost-boarll * ‘.. nocount to bo aot up for suoh purpose. ” ‘. I. I Construfng the forogotig quotations Srom,,tho Teacher . ’ Rotiromont Lari it Zs our opinion tbat tko profit dcrivod Srom &o onlc OS the bonds ;is l%coaio and that l%.should bo paid into the Intordat Fund In aobordanoo with tho provlaions of seotion e1 subeeotlon 5 OS tha abovo nsentionod lau, and dlstr~butod as provided ,in Subooofion l(o) 0S Sootlon 0, of thy o.inonUo$ Act. I Yio.c~oloso horaklth a cbpy of Opinion Eumbor 04323, ’ . the hot pnragxaph of which opinion construoo “other revonw9 au m?nnin(l any rovonue earnod by the pormanont nol~ol. fund OS . a oounty as a rosnlt of tile ~invontmont of.-the prowodo of t&o as10 of ILand

belongin& to suoh Sunde.
. . : . i. Ke think it is 01e& that profit dori&d from l&o~t.- aonts authorA%d by tho MY-~oonstltutea “lnoomo* pnd should bo .? paid Pinto. the Dltorost ma, * . ‘. . : . , .
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