| 1 | 1 | | S.B. No. 894 |
|---|
| 2 | 2 | | |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | AN ACT |
|---|
| 5 | 5 | | relating to municipal investment of public funds received from the |
|---|
| 6 | 6 | | management and development of mineral rights. |
|---|
| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 8 | 8 | | SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
|---|
| 9 | 9 | | amended by adding Section 2256.0202 to read as follows: |
|---|
| 10 | 10 | | Sec. 2256.0202. AUTHORIZED INVESTMENTS: MUNICIPAL FUNDS |
|---|
| 11 | 11 | | FROM MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS. (a) In |
|---|
| 12 | 12 | | addition to other investments authorized under this subchapter, a |
|---|
| 13 | 13 | | municipality may invest funds received by the municipality from a |
|---|
| 14 | 14 | | lease or contract for the management and development of land owned |
|---|
| 15 | 15 | | by the municipality and leased for oil, gas, or other mineral |
|---|
| 16 | 16 | | development in any investment authorized to be made by a trustee |
|---|
| 17 | 17 | | under Subtitle B, Title 9, Property Code (Texas Trust Code). |
|---|
| 18 | 18 | | (b) Funds invested by a municipality under this section |
|---|
| 19 | 19 | | shall be segregated and accounted for separately from other funds |
|---|
| 20 | 20 | | of the municipality. |
|---|
| 21 | 21 | | SECTION 2. This Act takes effect September 1, 2009. |
|---|
| 22 | 22 | | ______________________________ ______________________________ |
|---|
| 23 | 23 | | President of the Senate Speaker of the House |
|---|
| 24 | 24 | | I hereby certify that S.B. No. 894 passed the Senate on |
|---|
| 25 | 25 | | April 23, 2009, by the following vote: Yeas 30, Nays 0. |
|---|
| 26 | 26 | | ______________________________ |
|---|
| 27 | 27 | | Secretary of the Senate |
|---|
| 28 | 28 | | I hereby certify that S.B. No. 894 passed the House on |
|---|
| 29 | 29 | | May 20, 2009, by the following vote: Yeas 137, Nays 0, one |
|---|
| 30 | 30 | | present not voting. |
|---|
| 31 | 31 | | ______________________________ |
|---|
| 32 | 32 | | Chief Clerk of the House |
|---|
| 33 | 33 | | Approved: |
|---|
| 34 | 34 | | ______________________________ |
|---|
| 35 | 35 | | Date |
|---|
| 36 | 36 | | ______________________________ |
|---|
| 37 | 37 | | Governor |
|---|