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Texas Natural Resources Code

§ 51.068 — FUND ACCOUNTS

NR § 51.068Title 2. PUBLIC DOMAIN · Part D. DISPOSITION OF THE PUBLIC DOMAIN · Ch. 51. LAND, TIMBER, AND SURFACE RESOURCES · Art. C. SALE OF PUBLIC SCHOOL AND ASYLUM LAND

Statute text

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(a)Payments of principal, interest, and lease rental shall be accounted for in a similar form but separate from first payments on land.
(b)The comptroller shall deposit 90 percent of the payments on land received each month to the probable fund to which the payments belong as indicated by the commissioner and shall hold the remaining 10 percent of the payments in the suspense account until the comptroller receives notice from the commissioner indicating the proper fund for the payments. After notice is received, the comptroller shall credit the full amount to the proper fund.
(c)The commissioner and comptroller shall keep an account with each fund according to advices given by them and shall retain the advices as permanent records.

Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 3 (S.B. 903), Sec. 5, eff. September 1, 2015.

Source: Texas Natural Resources Code § 51.068 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.