By: Estes S.B. No. 1019
(Frank)
A BILL TO BE ENTITLED
AN ACT
relating to the investment of funds by the governing boards of
certain institutions of higher education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 51.0031, Education Code, is amended by
adding Subsection (c-1) to read as follows:
(c-1) If a governing board does not have under its control
at least $25 million in book value of endowment funds, the governing
board may contract to pool its funds described in this section with
another institution that meets the $25 million in book value of
endowment funds threshold established under Subsection (c), and
have its funds invested by that governing board under prudent
person standards.
SECTION 2. This Act takes effect September 1, 2013.