reglab/statecodes huggingface dataset:
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.012. Refunding Other Defaulted Obligations

Sec. 43.012.  REFUNDING OTHER DEFAULTED OBLIGATIONS.  (a)  Defaulted obligations, other than bonds of school districts as provided by Section 43.011, due the available school fund may be refinanced or refunded with the approval of the State Board of Education in compliance with this section.
(b)  In this section, "defaulted obligations" includes delinquent interest whether represented by coupons or not, interest on delinquent interest, and any other form of obligation due the available school fund.
(c)  The obligor must apply to the State Board of Education and show:
(1)  that the obligations due the available school fund have been in default in whole or in part for a continuous period of at least 15 years;  and
(2)  that the obligor is not in default in the payment of the principal of any bonds owned by the permanent school fund.
(d)  If the State Board of Education finds that the requirements provided by Subsection (c) have been met, it may approve a refinancing or the issuance of refunding bonds on the conditions:
(1)  that the refunding bonds must mature serially in not exceeding 40 years from the date of issuance;
(2)  that the principal amount of the refunding bonds may be not less than the total amount of the obligations then in default and due the available school fund;  and
(3)  that the refunding bonds must bear interest at a rate or rates determined by the State Board of Education to be for the best interest of the available school fund.
(e)  The State Board of Education may accept refunding bonds in lieu of either matured or unmatured bonds held for the benefit of the permanent school fund if the rate of interest on the new refunding bonds is at least the same rate as that of the bonds being refunded.
(f)  Refunding bonds issued with the approval or pursuant to a refunding agreement with the State Board of Education in compliance with either this section or Section 43.011 shall, on the order of the State Board of Education, be exchanged by the comptroller for the defaulted obligations they have been issued to refund.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.02, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.013. Jurisdiction

Sec. 43.013.  JURISDICTION.  The district courts of Travis County have jurisdiction of any suit on bonds or obligations belonging to the permanent school fund, or purchased therewith, concurrent with that of any other court having jurisdiction in the case.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.014. Duties of Comptroller

Sec. 43.014.  DUTIES OF COMPTROLLER.  (a)  On or before July 1 of each year, the comptroller shall estimate the amount of the available school fund receivable from every source during the following school year and report the estimate to the State Board of Education.
(b)  On or before the meeting of each regular session of the legislature, the comptroller shall report to the legislature an estimate of the amount of the available school fund that is to be received for the following two years, and the sources from which that amount accrues, and that is subject to appropriation for the establishment and support of public schools.
(c)  On or before the first working day of each month, the comptroller shall certify to the commissioner the total amount of money collected from every source during the preceding month and on hand to the credit of the available school fund.
(d)  On receipt of certificates issued to the comptroller by the commissioner, the comptroller shall draw warrants in favor of the treasurer of the available school fund of each school district for the amounts stated in the certificates.  All such warrants shall be registered.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.03, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.015. Duties of Comptroller

Sec. 43.015.  DUTIES OF COMPTROLLER.  (a)  Not later than the 30th day before the first day of each regular session of the legislature and not later than the 10th day before the first day of any special session at which there can be legislation respecting the public schools, the comptroller shall report to the governor the condition of the permanent school fund and the available school fund, the amount of each fund, and the manner of its disbursement.
(b)  The comptroller shall provide the State Board of Education with the reports specified by Subsection (a) and with additional reports concerning those funds requested by the State Board of Education.
(c)  The comptroller shall ensure that no portion of either the permanent school fund or the available school fund is used to pay any warrant drawn against any other fund.
(d)  The comptroller shall receive and hold in a special deposit and account for all properties belonging to the available school fund.  All warrants drawn on that fund by the comptroller pursuant to a certificate of the commissioner must be registered by the comptroller and then transmitted to the commissioner, and when properly endorsed shall be paid by the comptroller in the order of their presentation.
(e)  On order of the State Board of Education, the comptroller shall exchange or accept refunding bonds in lieu of:
(1)  either matured or unmatured bonds held for the benefit of the permanent school fund, which are being refunded under this chapter;
(2)  defaulted obligations held for the benefit of the available school fund if the refunding bonds are issued in compliance with Section 43.012;
(3)  defaulted obligations of any school district of this state held for the benefit of the permanent school fund or the available school fund if the refunding bonds are issued in compliance with Section 43.011;  or
(4)  refunding bonds of any school district of this state for school bonds not matured held by the comptroller for the permanent school fund if the new refunding bonds are issued by the school district in compliance with this code.
(f)  The comptroller shall be the custodian of all securities enumerated in Section 43.003(6) and of other securities as designated by the State Board of Education in which the school funds of the state are invested.  The comptroller shall keep those securities in the comptroller's custody until paid off, discharged, delivered as required by the State Board of Education, or otherwise disposed of by the proper authorities of the state, and on the proper installment of any interest or dividend, shall see that the proper credit is given, and the coupons on bonds, when paid, shall be separated from the bonds and cancelled by the comptroller.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.04, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.016. Use of Available School Fund

Sec. 43.016.  USE OF AVAILABLE SCHOOL FUND.  All available school funds shall be appropriated in each county for the education of its children.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.017. Use of Commercial Banks as Agents for Collection of Income From Permanent School Fund Investments

Sec. 43.017.  USE OF COMMERCIAL BANKS AS AGENTS FOR COLLECTION OF INCOME FROM PERMANENT SCHOOL FUND INVESTMENTS.  (a)  The State Board of Education may contract with one or more commercial banks to receive payments of dividends and interest on securities in which the state permanent school funds are invested and transmit that money with identification of its source to the comptroller for the account of the available school fund by the fastest available means.
(b)  In choosing each commercial bank with which to contract as authorized by Subsection (a), the State Board of Education shall assure itself of:
(1)  the financial stability of the bank;
(2)  the location of the bank with respect to its proximity to the banks on which checks are drawn in payment of dividends and interest on securities of the permanent school fund;
(3)  the experience and reliability of the bank in acting as agent for others in the similar collection and expeditious remittance of money;  and
(4)  the reasonableness of the bank's charges for the services, both in amount of the charges and in relation to the increased investment earnings of the available school fund that will result from speedier receipt by the comptroller of the money.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.05, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.018. Participation in Fully Secured Securities Loan Programs

Sec. 43.018.  PARTICIPATION IN FULLY SECURED SECURITIES LOAN PROGRAMS.  (a)  The State Board of Education may contract with a commercial bank to serve both as a custodian of securities in which the state permanent school funds are invested and to lend those securities, under the conditions prescribed by Subsection (b), to securities brokers and dealers on short-term loan.
(b)  The State Board of Education may contract with a commercial bank pursuant to this section only if:
(1)  the bank is located in a city having a major stock exchange;
(2)  the bank is experienced in the operation of a fully secured securities loan program;
(3)  the bank has adequate capital in the prudent judgment of the State Board of Education to assure the safety of the securities entrusted to it as a custodian;
(4)  the bank will require of any securities broker or dealer to which it lends securities owned by the state permanent school fund that the broker or dealer deliver to it cash collateral for the loan of securities, and that the cash collateral will at all times be not less than 100 percent of the market value of the securities lent;
(5)  the bank executes an indemnification agreement, satisfactory in form and content to the State Board of Education, fully indemnifying the permanent and available school funds against loss resulting from the bank's service as custodian of securities of the permanent school fund and its operation of a securities loan program using securities of the permanent school fund;
(6)  the bank will speedily collect and remit on the day of collection by the fastest available means to the comptroller any dividends and interest collectible by it on securities held by it as custodian, together with identification as to the source of the dividends or interest;  and
(7)  the bank is the bank agreeing to pay to the available school fund the largest sum or highest percentage of the income derived by the bank from use of the securities of the permanent school fund in the operation of a securities loan program.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 5.06, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.019. Accounting Treatment of Certain Exchanges

Sec. 43.019.  ACCOUNTING TREATMENT OF CERTAIN EXCHANGES.  The State Board of Education may account for the exchange of permanent school fund securities in a closely related sale and purchase transaction in a manner in which the gain or loss on the sale is deferred as an adjustment to the book value of the security purchased, if:
(1)  the security sold and the security purchased have a fixed maturity value;
(2)  the board is authorized by law to invest the permanent school fund in the security purchased;
(3)  the sale is made in clear contemplation of reinvesting substantially all of the proceeds;
(4)  substantially all of the proceeds are reinvested;
(5)  the transaction is completed within a reasonable time after the sale, not to exceed 30 business days;  and
(6)  the transaction results in an improvement in effective income yield, taking into consideration the deferral of any gain or loss on the sale.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter A. General Provisions › Section 43.020. Treatment of Accrued Income

Sec. 43.020.  TREATMENT OF ACCRUED INCOME.  All interest and dividends accruing from the investments of the permanent school fund shall be deposited to the credit of the available school fund in accordance with the accrual basis of accounting.  Funds recognized under this section are considered part of the available school fund and may be appropriated as provided by Section 5, Article VII, Texas Constitution.
Added by Acts 2003, 78th Leg., ch. 201, Sec. 37, eff. June 10, 2003.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.051. Definitions

Sec. 43.051.  DEFINITIONS.  In this subchapter:
(1)  "Board of directors" means the board of directors of the corporation.
(2)  "Chief executive officer" means the chief executive officer of the corporation employed under Section 43.054.
(3)  "Corporation" means the Texas Permanent School Fund Corporation.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.052. Creation of Corporation

Sec. 43.052.  CREATION OF CORPORATION.  (a)  The State Board of Education may incorporate the Texas Permanent School Fund Corporation and delegate to the corporation the board's authority to manage and invest:
(1)  the permanent school fund under Section 43.003; and
(2)  the charter district bond guarantee reserve fund under Section 45.0571.
(b)  The State Board of Education shall adopt the initial articles of incorporation for the corporation.
(c)  The corporation is a special-purpose governmental corporation and instrumentality of the state with necessary and implied powers to accomplish its purpose.  The corporation is subject to regulation and limitation only as provided by this subchapter.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.053. Board of Directors; Meetings

Sec. 43.053.  BOARD OF DIRECTORS; MEETINGS.  (a)  The board of directors is composed of the following nine members:
(1)  five members of the State Board of Education, appointed by the board in accordance with board policy;
(2)  the commissioner of the General Land Office;
(3)  one member appointed by the commissioner of the General Land Office who has substantial background and expertise in investments and asset management; and
(4)  two members appointed by the governor, with the advice and consent of the senate, each of whom must have substantial background and expertise in investments and asset management and may not be members of the State Board of Education or the School Land Board.
(b)  The State Board of Education by rule shall establish the terms of members of the board of directors appointed under Subsection (a)(1).
(c)  Members of the board of directors appointed under Subsections (a)(3) and (4) serve staggered six-year terms, with the term of one member expiring on January 1 of each odd-numbered year.
(d)  The initial members described by Subsection (c) shall determine by lot which one of the initial members will serve a term expiring January 1 of the first odd-numbered year following the establishment of the corporation, which one of the initial members will serve a term expiring January 1 of the second odd-numbered year following the establishment of the corporation, and which one of the initial members will serve a term expiring January 1 of the third odd-numbered year following the establishment of the corporation.
(e)  Appointments to the board of directors must be made without regard to the race, color, disability, sex, religion, age, or national origin of the appointees.
(f)  The board of directors shall elect officers of the board in accordance with the corporation's bylaws.
(g)  The board of directors shall meet at least three times per year.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.054. Chief Executive Officer

Sec. 43.054.  CHIEF EXECUTIVE OFFICER.  (a)  The corporation shall employ a chief executive officer to manage and carry out the policies of the corporation.  The board of directors shall determine the process for hiring the chief executive officer.
(b)  The chief executive officer serves at the will of the board of directors.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.055. Employees

Sec. 43.055.  EMPLOYEES.  (a)  The chief executive officer is responsible for hiring all employees of the corporation.
(b)  Employees of the corporation serve at the will of the chief executive officer.
(c)  The chief executive officer or the chief executive officer's designee shall develop a system of compensation for employees of the corporation as necessary to retain qualified staff.
(d)  The chief executive officer or the chief executive officer's designee shall develop a system of annual performance evaluations.  Merit pay for corporation employees must be based on the system established under this subsection.
(e)  The chief executive officer or the chief executive officer's designee shall prepare and maintain a written policy statement to assure implementation of a program of equal employment opportunity under which all personnel decisions are made without regard to race, color, disability, sex, religion, age, or national origin.
(f)  The chief executive officer may appoint an internal auditor for the corporation, who may be an employee of the corporation.  The appointment of the internal auditor must be approved by the board of directors.  The board of directors may require the internal auditor to submit specified reports directly to the board of directors.
(g)  Except as otherwise provided by this subchapter, employees of the corporation are state employees for all purposes, including:
(1)  accrual of leave time, insurance benefits, and retirement benefits;
(2)  Chapter 104, Civil Practice and Remedies Code; and
(3)  Chapter 501, Labor Code.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.056. Sovereign Immunity

Sec. 43.056.  SOVEREIGN IMMUNITY.  (a)  The corporation, the board of directors, and the officers and employees of the corporation are entitled to sovereign immunity to the same extent as any other state agency or officer or employee of a state agency.
(b)  No action taken by the corporation, including the acceptance of benefits under a contract, may be construed to waive the corporation's sovereign immunity, including immunity from suit or from liability.
(c)  Subchapter C, Chapter 2260, Government Code, does not apply to the corporation.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.057. Liability Insurance for Board Members and Employees

Sec. 43.057.  LIABILITY INSURANCE FOR BOARD MEMBERS AND EMPLOYEES.  (a)  The corporation may purchase or otherwise acquire insurance to protect members of the board of directors and employees of the corporation, subject to Subsection (c).
(b)  Insurance purchased or acquired by the corporation under this section may:
(1)  protect against any type of liability to third persons that might be incurred while conducting corporation business; and
(2)  provide for all costs of defending a cause of action for such liability, including court costs and attorney's fees.
(c)  This section does not authorize the purchase or acquisition of insurance to protect against liability not described in Subsection (b).
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.058. Ethics Policy; Conflicts of Interest

Sec. 43.058.  ETHICS POLICY; CONFLICTS OF INTEREST.  (a)  The board of directors shall adopt an ethics policy that provides standards of conduct relating to the management and investment of the permanent school fund in accordance with Section 43.0031(a).  The ethics policy must include provisions applicable to:
(1)  members of the board of directors;
(2)  employees of the corporation; and
(3)  any person who provides services to the corporation relating to the management or investment of the permanent school fund.
(b)  A member of the board of directors, an employee of the corporation, and a person who provides services to the corporation relating to the management or investment of the permanent school fund shall disclose in writing to the corporation any business, commercial, or other relationship that could reasonably be expected to diminish the person's independence of judgment in the performance of the person's responsibilities relating to the management or investment of the permanent school fund.
(c)  The board of directors shall define in the ethics policy adopted under Subsection (a) the types of relationships that may create a possible conflict of interest.
(d)  A person who makes a written disclosure under Subsection (b) stating a possible conflict of interest may not give advice or make decisions about a matter affected by the possible conflict of interest unless the board of directors expressly waives this prohibition.  The board of directors may delegate the authority to waive the prohibition established by this subsection.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.059. Applicability of Certain Laws

Sec. 43.059.  APPLICABILITY OF CERTAIN LAWS.  (a)  Except as otherwise provided by and to the extent consistent with this subchapter, Title 1, Business Organizations Code, and Chapter 22, Business Organizations Code, apply to the corporation.
(b)  Subject to Section 43.060, the corporation is a governmental body for purposes of Chapter 551, Government Code.
(c)  The corporation is exempt from:
(1)  Chapters 654 and 660, Government Code, and Subchapter K, Chapter 659, Government Code, to the extent the board of directors determines that an exemption from those provisions is necessary for the corporation to perform the board's fiduciary duties under this subchapter;
(2)  all state laws regulating or limiting purchasing by state agencies, including Subtitle D, Title 10, Government Code, and Chapters 2254, 2261, and 2262, Government Code;
(3)  the franchise tax under Chapter 171, Tax Code; and
(4)  any filing costs or other fees imposed by the state on a corporation.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.060. Exception to Open Meeting Requirements for Certain Consultations Concerning Investments

Sec. 43.060.  EXCEPTION TO OPEN MEETING REQUIREMENTS FOR CERTAIN CONSULTATIONS CONCERNING INVESTMENTS.  (a)  In this section, "private investment fund," "reinvestment," and "restricted securities" have the meanings assigned by Section 552.143, Government Code.
(b)  The board of directors may conduct a closed meeting in accordance with Subchapter E, Chapter 551, Government Code, to deliberate or confer with one or more employees, consultants, or legal counsel of the corporation or with a third party if the only purpose of the meeting is to receive information from or question the employees, consultants, or legal counsel or third party relating to:
(1)  investment transactions or potential investment transactions if, before conducting the closed meeting, a majority of the board of directors in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the corporation's position in negotiations with third parties or put the corporation at a competitive disadvantage in the market;
(2)  the purchase, holding, or disposal of restricted securities or a private investment fund's investment in restricted securities if, under Section 552.143, Government Code, the information discussed would be confidential and excepted from the requirements of Section 552.021, Government Code, if the information were included in the records of a governmental body; or
(3)  a procurement proposed to be awarded by the board of directors if, before conducting the closed meeting, a majority of the board of directors in an open meeting vote that deliberating or conferring in an open meeting would have a detrimental effect on the corporation's position in negotiations with third parties.
(c)  Any vote or final action taken on a procurement described by Subsection (b)(3) must be conducted in an open meeting.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.061. Record Retention

Sec. 43.061.  RECORD RETENTION.  (a)  Subchapter L, Chapter 441, Government Code, does not apply to the corporation.
(b)  The corporation may establish record retention policies for the corporation.  In establishing the policies under this section, the corporation may consider relevant rules and guidelines adopted by the Texas State Library and Archives Commission.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.062. Information Technology and Associated Resources

Sec. 43.062.  INFORMATION TECHNOLOGY AND ASSOCIATED RESOURCES.  (a)  Chapters 2054 and 2055, Government Code, do not apply to the corporation or to any state agency with respect to a contract entered into between the agency and the corporation for information technology or associated resources.
(b)  The corporation shall control all aspects of, and may contract with third parties for, the corporation's information technology and associated resources, including:
(1)  computer, data management, and telecommunications operations;
(2)  procurement of hardware, software, and middleware and telecommunications equipment and systems;
(3)  location, operation, and replacement of computers, computer systems, software provided as a service, and telecommunications systems;
(4)  data processing;
(5)  security;
(6)  disaster recovery; and
(7)  storage.
(c)  The Department of Information Resources shall assist the corporation at the request of the corporation and must consider the corporation a customer of the department.  Notwithstanding any other law, the corporation may:
(1)  purchase any item through the department; and
(2)  contract with the department for and use any service available through the department.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.063. General Powers and Duties of Corporation

Sec. 43.063.  GENERAL POWERS AND DUTIES OF CORPORATION.  (a)  The corporation may amend the articles of incorporation adopted by the State Board of Education when the corporation was established, subject to board approval.
(b)  The corporation may adopt and amend:
(1)  subject to State Board of Education approval, bylaws for the corporation;
(2)  resolutions and policies of the corporation; and
(3)  any other document necessary to carry out the corporation's purpose.
(c)  The corporation may engage in any activity necessary to manage the investments of the permanent school fund, including entering into any contract in connection with the investment of the permanent school fund, to the extent the activity complies with applicable fiduciary duties.
(d)  The corporation shall make all purchases of goods and services in accordance with applicable fiduciary duties and may use purchasing methods that ensure the best value to the corporation.  In determining best value, the corporation may consider the best value standards applicable to state agencies under Section 2155.074, Government Code.
(e)  The corporation may:
(1)  delegate investment authority for the investment of the permanent school fund to one or more private professional investment managers; or
(2)  contract with one or more private professional investment managers to assist the corporation in making investments of the permanent school fund.
(f)  The corporation may receive, transfer, and disburse money and securities of the fund as provided by statute or the Texas Constitution, except that the corporation may not distribute money from the permanent school fund to the available school fund except as authorized under Section 43.066.
(g)  The corporation may enter into a contract with a state agency, a governmental body, or another entity to manage or invest funds on behalf of the agency, body, or entity.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.064. Contracting for Facilities and Necessary Support

Sec. 43.064.  CONTRACTING FOR FACILITIES AND NECESSARY SUPPORT.  The corporation may contract with a state agency or another entity to provide operational support, facilities, information and data technology, staff, or other support for the corporation.  The corporation may but is not required to request allocation of space to the corporation under Subchapter C, Chapter 2165, Government Code.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.065. Written Investment Objectives; Performance Evaluation

Sec. 43.065.  WRITTEN INVESTMENT OBJECTIVES; PERFORMANCE EVALUATION.  In accordance with Section 43.004, the board of directors shall:
(1)  develop written investment objectives concerning the investment of the permanent school fund; and
(2)  employ a well-recognized performance measurement service to evaluate and analyze the investment results of the permanent school fund.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.066. Distributions by Corporation From Permanent School Fund to Available School Fund

Sec. 43.066.  DISTRIBUTIONS BY CORPORATION FROM PERMANENT SCHOOL FUND TO AVAILABLE SCHOOL FUND.  (a)  The corporation may distribute from the permanent school fund to the available school fund under Section 5(g), Article VII, Texas Constitution, an amount not to exceed the limitation under that section that is determined in accordance with rules established by the corporation.
(b)  In developing the rules for distributions under Subsection (a), the corporation shall develop and establish an annual minimum distribution rate that the corporation will use in making a distribution from the permanent school fund to the available school fund each state fiscal year.  In developing the annual minimum distribution rate under this subsection, the corporation may consider:
(1)  transfers made from the permanent school fund to the available school fund under Section 43.002 in accordance with Section 5(a), Article VII, Texas Constitution;
(2)  factors that relate to the current and future public school students in the state; and
(3)  any other factors the corporation determines relevant.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.067. Bond Guarantee Program

Sec. 43.067.  BOND GUARANTEE PROGRAM.  The corporation, the State Board of Education, and the agency shall coordinate to determine the corporation's role in the operation and management of the permanent school fund in connection with the bond guarantee program under Subchapter C, Chapter 45, to ensure the proper and efficient operation of the program, including the handling of any associated reimbursements, transfers, and disbursements.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.068. Annual Audit

Sec. 43.068.  ANNUAL AUDIT.  (a)  Not less than once each year, the board of directors shall submit to the Legislative Budget Board an audit report regarding the operations of the corporation.
(b)  The corporation may contract with a certified public accountant or the state auditor to conduct an independent audit of the operations of the corporation.
(c)  This section does not affect the state auditor's authority to conduct an audit of the corporation in accordance with Chapter 321, Government Code.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.069. Annual Investment Report

Sec. 43.069.  ANNUAL INVESTMENT REPORT.  The corporation shall annually submit to the State Board of Education and the General Land Office a report on the allocation of assets and investment performance of the portion of the permanent school fund for which the corporation is responsible.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.070. Report on Anticipated Transfer to Available School Fund

Sec. 43.070.  REPORT ON ANTICIPATED TRANSFER TO AVAILABLE SCHOOL FUND.  Not later than November 1 of each even-numbered year, the corporation shall submit to the legislature, comptroller, State Board of Education, and Legislative Budget Board a report that in detail specifically states the date a transfer will be made and the amount the corporation will transfer during the subsequent state fiscal biennium from the permanent school fund to the available school fund under Section 43.066.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 43 - Permanent School Fund and Available School Fund › Subchapter B. Texas Permanent School Fund Corporation › Section 43.071. Gifts, Grants, and Donations

Sec. 43.071.  GIFTS, GRANTS, AND DONATIONS.  The corporation may accept, and establish a nonprofit corporation or other entity for the purpose of accepting, a gift, grant, donation, or bequest of money, securities, property, or any other assets from any public or private source for the permanent school fund.
Added by Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 1.06, eff. September 1, 2021.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.001. Fiscal Guidelines

Sec. 44.001.  FISCAL GUIDELINES.  (a)  The commissioner shall establish advisory guidelines relating to the fiscal management of a school district.
(b)  The commissioner shall report annually to the State Board of Education the status of school district fiscal management as reflected by the advisory guidelines and by statutory requirements.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.0011. Fiscal Year

Sec. 44.0011.  FISCAL YEAR.  The fiscal year of a school district begins on July 1 or September 1 of each year, as determined by the board of trustees of the district. The commissioner may adopt rules concerning the submission of information by a district under Chapter 39, 39A, or 48 based on the fiscal year of the district.
Added by Acts 1999, 76th Leg., ch. 643, Sec. 1, eff. Sept. 1, 2001.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 21.003(29), eff. September 1, 2017.
Acts 2019, 86th Leg., R.S., Ch. 943 (H.B. 3), Sec. 3.049, eff. September 1, 2019.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.002. Preparation of Budget

Sec. 44.002.  PREPARATION OF BUDGET.  (a)  On or before a date set by the State Board of Education, the superintendent shall prepare, or cause to be prepared, a proposed budget covering all estimated revenue and proposed expenditures of the district for the following fiscal year.
(b)  The budget must be prepared according to generally accepted accounting principles, rules adopted by the State Board of Education, and adopted policies of the board of trustees.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.003. Records and Reports

Sec. 44.003.  RECORDS AND REPORTS.  The superintendent shall ensure that records are kept and that copies of all budgets, all forms, and all other reports are filed on behalf of the school district at the proper times and in the proper offices as required by this code.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.0041. Publication of Summary of Proposed Budget

Sec. 44.0041.  PUBLICATION OF SUMMARY OF PROPOSED BUDGET.  (a)  Concurrently with the publication of notice of the budget under Section 44.004, a school district shall post a summary of the proposed budget:
(1)  on the school district's Internet website; or
(2)  if the district has no Internet website, in the district's central administrative office.
(b)  The budget summary must include:
(1)  information relating to per student and aggregate spending on:
(A)  instruction;
(B)  instructional support;
(C)  central administration;
(D)  district operations;
(E)  debt service; and
(F)  any other category designated by the commissioner; and
(2)  a comparison to the previous year's actual spending.
Added by Acts 2006, 79th Leg., 3rd C.S., Ch. 5 (H.B. 1), Sec. 2.06, eff. May 31, 2006.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.005. Filing of Adopted Budget

Sec. 44.005.  FILING OF ADOPTED BUDGET.  On or before a date set by the State Board of Education, the budget must be filed with the agency according to the rules established by the State Board of Education.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.0051. Posting of Adopted Budget

Sec. 44.0051.  POSTING OF ADOPTED BUDGET.  (a)  On final approval of the budget by the board of trustees, the school district shall post on the district's Internet website a copy of the budget adopted by the board of trustees.  The district's Internet website must prominently display the electronic link to the adopted budget.
(b)  The district shall maintain the adopted budget on the district's Internet website until the third anniversary of the date the budget was adopted.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 895 (H.B. 3), Sec. 59, eff. June 19, 2009.
Transferred and redesignated from Education Code, Section 39.084 by Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 21.001(12), eff. September 1, 2015.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.006. Effect of Adopted Budget; Amendments

Sec. 44.006.  EFFECT OF ADOPTED BUDGET;  AMENDMENTS.  (a)  Public funds of the school district may not be spent in any manner other than as provided for in the budget adopted by the board of trustees, but the board may amend a budget or adopt a supplementary emergency budget to cover necessary unforeseen expenses.
(b)  Any amendment or supplementary budget must be prepared and filed according to rules adopted by the State Board of Education.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
2023 Texas Statutes › Education Code › Title 2 - Public Education › Subtitle I - School Finance and Fiscal Management › Chapter 44 - Fiscal Management › Subchapter A. School District Fiscal Management › Section 44.007. Accounting System; Report

Sec. 44.007.  ACCOUNTING SYSTEM;  REPORT.  (a)  A standard school fiscal accounting system must be adopted and installed by the board of trustees of each school district.  The accounting system must conform with generally accepted accounting principles.
(b)  The accounting system must meet at least the minimum requirements prescribed by the commissioner, subject to review and comment by the state auditor.
(c)  A record must be kept of all revenues realized and of all expenditures made during the fiscal year for which a budget is adopted.  A report of the revenues and expenditures for the preceding fiscal year shall be filed with the agency on or before the date set by the State Board of Education.
(d)  The State Board of Education shall require each district, as part of the report required by this section, to include management, cost accounting, and financial information in a format prescribed by the board and in a manner sufficient to enable the board to monitor the funding process and determine educational system costs by district, campus, and program.
(e)  Expired.
(f)  Expired.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Amended by:
Acts 2006, 79th Leg., 3rd C.S., Ch. 5 (H.B. 1), Sec. 2.08, eff. May 31, 2006.