Texas Education Code 54.808 – Texas Save and Match Trust Fund; Agreements Between Board and Program Entity Regarding Program Entity Funds
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(a) The Texas save and match trust fund is established as a trust fund to be held with the comptroller.
(b) Money in the fund may be spent without appropriation and only to establish matching accounts, make deposits, purchase tuition units, and award matching grants and scholarships under the program and to pay the costs of program administration and operations.
Terms Used In Texas Education Code 54.808
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
(c) The board may invest, reinvest, and direct the investment of any available money in the fund.
(d) Interest and income from the assets of the fund shall be credited to and deposited in the fund.
(e) The board and the program entity may enter into an agreement under which the board may hold and manage funds of the program entity and provide services to the program entity.