By: Nelson, Davis S.B. No. 894
(In the Senate - Filed February 17, 2009; March 9, 2009,
read first time and referred to Committee on Intergovernmental
Relations; April 17, 2009, reported favorably by the following
vote: Yeas 3, Nays 0; April 17, 2009, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to municipal investment 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 2256.0202 to read as follows:
Sec. 2256.0202. AUTHORIZED INVESTMENTS: MUNICIPAL FUNDS
FROM MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS. (a) In
addition to other investments authorized under this subchapter, a
municipality may invest funds received by the municipality from a
lease or contract for the management and development of land owned
by the municipality 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 a municipality under this section
shall be segregated and accounted for separately from other funds
of the municipality.
SECTION 2. This Act takes effect September 1, 2009.
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