Sec. 45.113. TRUST FOR COUNTY PERMANENT SCHOOL FUND. (a) Notwithstanding former Subchapter E, Chapter 17, as that subchapter existed on May 1, 1995, the commissioners court of a county may:
(1) sell or otherwise dispose of county school lands in the manner determined by the court;
(2) establish an irrevocable trust for the proceeds of a sale or other disposition under Subdivision (1); and
(3) invest the principal of a trust created under Subdivision (2) in any investment permitted for other county funds under Chapter 2256, Government Code.
(b) The members of the commissioners court and their successors in office must be the sole trustees of a trust established under Subsection (a)(2). The trustees may not delegate the authority to manage or invest the trust but may contract with qualified persons for investment advice.
(c) The principal of a trust established under Subsection (a)(2) constitutes a portion of the county permanent school fund and must be held in perpetuity for the benefit of the public schools in the county. The income of a trust established under Subsection (a)(2) constitutes a portion of the county available school fund and may be distributed as permitted by law.
Added by Acts 2007, 80th Leg., R.S., Ch. 641 (H.B. 890), Sec. 1, eff. June 15, 2007.
Notes of Decisions
Untitled Texas Attorney Gen. Opinion (Tex. Att'y Gen. 2008).
· cites it 2× “shall be held by said counties alone as a trust for the benefit of public schools therein"). Reflecting this constitutional mandate, the Education Code makes the members ofthe county's commissioners court the "sole trustees" of the trust established for the permanent school fund.”
Untitled Texas Attorney Gen. Opinion (Tex. Att'y Gen. 2015).
“-Fort Worth 1914, writ ref'd); see also TEX. EDUC. CODE ANN. § 45.113(b) (West 2012) (making members of the county commissioners court the "sole trustees" of the trust).”
— Tex. Educ. Code § 45.113(b) — 2 cases
Untitled Texas Attorney Gen. Opinion (Tex. Att'y Gen. 2015).
“-Fort Worth 1914, writ ref'd); see also TEX. EDUC. CODE ANN. § 45.113(b) (West 2012) (making members of the county commissioners court the "sole trustees" of the trust).”
Untitled Texas Attorney Gen. Opinion (Tex. Att'y Gen. 2008).
“shall be held by said counties alone as a trust for the benefit of public schools therein"). Reflecting this constitutional mandate, the Education Code makes the members ofthe county's commissioners court the "sole trustees" of the trust established for the permanent school fund.”
— Tex. Educ. Code § 45.113(c) — 2 cases
Untitled Texas Attorney Gen. Opinion (Tex. Att'y Gen. 2008).
“shall be held by said counties alone as a trust for the benefit of public schools therein"). Reflecting this constitutional mandate, the Education Code makes the members ofthe county's commissioners court the "sole trustees" of the trust established for the permanent school fund.”
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