Tex. Educ. Code § 130.007 · Subchapter A. GENERAL PROVISIONS
ENDOWMENT FUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board of trustees of a public junior college may establish an endowment fund outside the state treasury in a depository selected by the board of trustees.
(b) The board of trustees may deposit local funds collected by the board to the credit of the endowment fund.
(c) The board of trustees may accept gifts and grants from any public or private source for the endowment fund.
(d) The endowment fund consists of local funds deposited to the credit of the endowment fund, gifts, grants, and income from investing the endowment fund.
(e) The board of trustees may invest the endowment fund in securities, bonds, and other investments that the board considers prudent. In making investments under this section, the board shall exercise the judgment and care under the circumstances then prevailing that a person of ordinary prudence, discretion, and intelligence exercises in the management of the person's own affairs.
(f) The board may not spend any money deposited in the endowment fund as local funds, gifts, or grants but may spend any income from investing the endowment fund for the operation or maintenance of the junior college.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 391, Sec. 1, eff. June 2, 1993.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.130.htm
- Text hash
- sha256 f4966601446faac21e0ef5d4667c27f844747afbd81dd8c27eb681245050edce
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.