Texas Education Code

§ 54.3411 — PERMANENT FUND SUPPORTING MILITARY AND VETERANS EXEMPTIONS

ED § 54.3411Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. D. WAIVERS, EXEMPTIONS, AND OTHER TUITION AND FEE BENEFITS

Statute text

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(a)In this section, "trust company" means the Texas Treasury Safekeeping Trust Company.

(b)The permanent fund supporting military and veterans exemptions is a special fund in the treasury outside the general revenue fund. The fund is composed of:

(1)money transferred or appropriated to the fund by the legislature;

(2)gifts and grants contributed to the fund; and

(3)the returns received from investment of money in the fund.

(c)The trust company shall administer the fund. The trust company shall determine the amount available for distribution from the fund, determined in accordance with a distribution policy that is adopted by the comptroller and designed to preserve the purchasing power of the fund's assets and to provide a stable and predictable stream of annual distributions. Expenses of managing the fund's assets shall be paid from the fund. Except as provided by this section, money in the fund may not be used for any purpose. Sections 403.095 and 404.071, Government Code, do not apply to the fund.

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Legislative history

Added by Acts 2013, 83rd Leg., R.S., Ch. 1193 (S.B. 1158), Sec. 2, eff. June 14, 2013.