31 Tex. Admin. Code § 151.6 - Procedures for the Release of Funds from the Real Estate Special Fund Account
Procedures for the Release of Funds from the Real Estate Special Fund Account.
(1) These rules
shall establish the procedures to be used by the School Land Board (SLB) to
determine the dates that releases will be made and the amounts of money that
will be released on those dates from the Real Estate Special Fund Account
(RESFA) to either the Available School Fund (ASF) or the Texas Permanent School
Fund Corporation (TXPSF) for investment in the Permanent School Fund (PSF), as
required by Section
51.413(b)
of the Texas Natural Resources Code.
(2) Not later than September 1 of each
even-numbered year, the Chief Financial Officer (CFO) of the General Land
Office will provide to the SLB at a regularly scheduled SLB meeting the amount
of funds available in the RESFA for release, effective September 1. At such
regularly scheduled meeting, the SLB will adopt a resolution detailing the
actual amounts, if any, to be released from the RESFA to either the ASF or the
TXPSF for investment in the PSF in each of the individual years of the
next-approaching fiscal biennium and the actual dates of the
releases.
(3) Not later than
September 1 of each even-numbered year, the SLB, in consultation with the CFO,
will submit a report to the Legislature, Comptroller, TXPSF, and Legislative
Budget Board that states the dates and amounts approved by the SLB for release
from the RESFA to either the ASF or TXPSF for investment in the PSF during the
next-approaching fiscal biennium.
Notes
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