| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Frank H.B. No. 3353 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to the investment of funds by the governing boards of | |
| 7 | 7 | certain institutions of higher education. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Section 51.0031, Education Code, is amended by | |
| 10 | 10 | adding Subsection (c-1) to read as follows: | |
| 11 | 11 | (c-1) If a governing board does not have under its control | |
| 12 | 12 | at least $25 million in book value of endowment funds, the governing | |
| 13 | 13 | board may contract to pool its funds described in this section with | |
| 14 | 14 | another institution that meets the $25 million in book value of | |
| 15 | 15 | endowment funds threshold established under Subsection (c), and | |
| 16 | 16 | have its funds invested by that governing board under prudent | |
| 17 | 17 | person standards. | |
| 18 | 18 | SECTION 2. This Act takes effect September 1, 2013. |