The board may place certain land, mineral, and royalty-related funds into the real estate special fund account, and the account must earn interest.
Sec. 51.401. REAL ESTATE SPECIAL FUND ACCOUNT. (a) The board may designate funds or revenue received from any land or real property holdings, and any proceeds received from the sale of any mineral or royalty interest, that is set apart to the permanent school fund under the constitution and laws of this state together with the mineral estate in riverbeds, channels, and the tidelands, including islands, for deposit in the real estate special fund account of the permanent school fund in the State Treasury to be used by the board as provided by this subchapter. (b) The real estate special fund account must be an interest-bearing account, and the interest received on the account shall be deposited in the State Treasury to the credit of the real estate special fund account of the permanent school fund. (c) Repealed by Acts 2007, 80th Leg., R.S., Ch. 1368, Sec. 10, eff. June 15, 2007. (d) Repealed by Acts 2007, 80th Leg., R.S., Ch. 1368, Sec. 10, eff. June 15, 2007. (e) Section 403.095, Government Code, does not apply to a fund account created under this section. Added by Acts 1985, 69th Leg., ch. 624, Sec. 40. Amended by Acts 1993, 73rd Leg., ch. 991, Sec. 18, eff. Sept. 1, 1993; Acts 2001, 77th Leg., ch. 900, Sec. 1, eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 328, Sec. 6, eff. Jan. 1, 2004. Amended by: Acts 2005, 79th Leg., Ch. 1098 (H.B. 2217), Sec. 7, eff. June 18, 2005. Acts 2007, 80th Leg., R.S., Ch. 1368 (H.B. 3699), Sec. 3, eff. June 15, 2007. Acts 2007, 80th Leg., R.S., Ch. 1368 (H.B. 3699), Sec. 4, eff. June 15, 2007. Acts 2007, 80th Leg., R.S., Ch. 1368 (H.B. 3699), Sec. 10, eff. June 15, 2007. Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 2.04, eff. December 31, 2022.