Texas Utilities Code
§ 34.0107 — MANAGEMENT AND INVESTMENT OF FUND
UT § 34.0107Title 2. PUBLIC UTILITY REGULATORY ACT · Part B. ELECTRIC UTILITIES · Ch. 34. FACILITY FUNDING · Art. A. TEXAS ENERGY FUND; GRANTS AND LOANS
Statute text
View on source(a)The trust company shall hold and invest the fund, and any accounts established in the fund, for and in the name of the commission, taking into account the purposes for which money in the fund may be used. The fund may be invested with the state treasury pool and commingled with other investments.
(b)The overall objective for the investment of the fund is to maintain sufficient liquidity to meet the needs of the fund while striving to preserve the purchasing power of the fund over a full economic cycle.
(c)In managing the assets of the fund, the trust company may acquire, exchange, sell, supervise, manage, or retain any kind of investment that a prudent investor, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances of the fund then prevailing, taking into consideration the investment of all the assets of the fund rather than a single investment.
(d)The reasonable expenses of managing the fund's assets shall be paid from the fund.
(e)The trust company annually shall provide a written report to the commission and to the advisory committee with respect to the investment of the fund.
(f)The trust company shall adopt a written investment policy that is appropriate for the fund. The trust company shall present the investment policy to the investment advisory board established under Section 404.028, Government Code. The investment advisory board shall submit to the trust company recommendations regarding the policy.
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Legislative history
Added by Acts 2023, 88th Leg., R.S., Ch. 465 (S.B. 2627), Sec. 2, eff. November 7, 2023.