S.B. No. 894
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.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 894 passed the Senate on
April 23, 2009, by the following vote: Yeas 30, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 894 passed the House on
May 20, 2009, by the following vote: Yeas 137, Nays 0, one
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor