Section 151.6 - Procedures for the Release of Funds from the Real Estate Special Fund AccountProcedures 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.31 Tex. Admin. Code § 151.6
Adopted by Texas Register, Volume 41, Number 24, June 10, 2016, TexReg 4289, eff. 6/15/2016; Amended by Texas Register, Volume 41, Number 35, August 26, 2016, TexReg 6501, eff. 9/4/2016; Amended by Texas Register, Volume 49, Number 33, August 16, 2024, TexReg 6249, eff. 8/25/2024