| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R7720 JTS-F | |
| 2 | 2 | By: Truitt H.B. No. 2336 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to municipal investment of public funds received from the | |
| 8 | 8 | management and development of mineral rights. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter A, Chapter 2256, Government Code, is | |
| 11 | 11 | amended by adding Section 2256.0202 to read as follows: | |
| 12 | 12 | Sec. 2256.0202. AUTHORIZED INVESTMENTS: MUNICIPAL FUNDS | |
| 13 | 13 | FROM MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS. (a) In | |
| 14 | 14 | addition to other investments authorized under this subchapter, a | |
| 15 | 15 | municipality may invest funds received by the municipality from a | |
| 16 | 16 | lease or contract for the management and development of land owned | |
| 17 | 17 | by the municipality and leased for oil, gas, or other mineral | |
| 18 | 18 | development in any investment authorized to be made by a trustee | |
| 19 | 19 | under Subtitle B, Title 9, Property Code (Texas Trust Code). | |
| 20 | 20 | (b) Funds invested by a municipality under this section | |
| 21 | 21 | shall be segregated and accounted for separately from other funds | |
| 22 | 22 | of the municipality. | |
| 23 | 23 | SECTION 2. This Act takes effect September 1, 2009. |