Tex. Educ. Code § 43.019 · Subchapter A. GENERAL PROVISIONS
ACCOUNTING TREATMENT OF CERTAIN EXCHANGES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
The State Board of Education may account for the exchange of permanent school fund securities in a closely related sale and purchase transaction in a manner in which the gain or loss on the sale is deferred as an adjustment to the book value of the security purchased, if:
(1) the security sold and the security purchased have a fixed maturity value;
(2) the board is authorized by law to invest the permanent school fund in the security purchased;
(3) the sale is made in clear contemplation of reinvesting substantially all of the proceeds;
(4) substantially all of the proceeds are reinvested;
(5) the transaction is completed within a reasonable time after the sale, not to exceed 30 business days; and
(6) the transaction results in an improvement in effective income yield, taking into consideration the deferral of any gain or loss on the sale.
Notes and commentary — not statutory text
History
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.43.htm
- Text hash
- sha256 c88183b0a1b65cb5083b617515f1bbc4fa503bf73ddb313eee289c41fe69b14a
- 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.