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.
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| Source Note: The provisions of this §151.6 adopted to be effective June 15, 2016, 41 TexReg 4289; amended to be effective September 4, 2016, 41 TexReg 6501; amended to be effective August 25, 2024, 49 TexReg 6249 |
