Texas Government Code 1232.123 – Investment of Bond Proceeds
Current as of: 2024 | Check for updates
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(a) With the board’s concurrence, the comptroller shall invest the unexpended bond proceeds and investment income on bond proceeds in investments approved by law for the investment of state funds.
(b) Investment income that the board determines is needed to finance the acquisition, construction, purchase, or lease of buildings or equipment and that is not required to be rebated to the federal government shall be credited to the account of the appropriate state agency.
Terms Used In Texas Government Code 1232.123
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(c) Investment income that the board determines is not needed to finance the acquisition, construction, purchase, or lease of buildings or equipment and that is not required to be rebated to the federal government shall be credited to and accounted for in the state lease fund account.
(d) Notwithstanding § 404.071, the interest earned on the investment income that is deposited in the state lease fund account shall be credited to and accounted for in that account.