Tex.
Educ. Code Section 63.002
Administration and Use of Fund
(a)
The board of regents of The University of Texas System shall administer the fund. The board may manage and invest the fund in the same manner as the board manages and invests other permanent endowments. In administering the fund, the board shall invest any funds in a manner that preserves the purchasing power of the fund’s assets and the fund’s annual distributions. The board shall determine the amount available for distribution from the fund in a manner consistent with the board’s procedures for making distributions to other endowment beneficiaries. The amount available for distribution shall be determined by the investment and distribution policy for the fund’s assets adopted by the board. Expenses of managing the fund’s assets shall be paid from the fund.(b)
Except as provided by Subsections (c), (d), and (f), money in the fund may not be used for any purpose.(c)
The amount available for distribution from the fund may be appropriated only for programs that benefit medical research, health education, or treatment programs at the following health-related institutions of higher education:(1)
The University of Texas Health Science Center at San Antonio;(2)
The University of Texas M. D. Anderson Cancer Center;(3)
The University of Texas Southwestern Medical Center;(4)
The University of Texas Medical Branch at Galveston;(5)
The University of Texas Health Science Center at Houston;(6)
The University of Texas Health Science Center at Tyler;(7)
The University of Texas Health Science Center--South Texas and its component institutions, if established under Subchapter N (Health Science Center), Chapter 74 (Other Medical, Dental, and Nursing Units of the University of Texas System);(8)
The Texas A&M University Health Science Center;(9)
the University of North Texas Health Science Center at Fort Worth;(10)
the Texas Tech University Health Sciences Center;(11)
the Texas Tech University Health Sciences Center at El Paso;(12)
the University of Houston College of Medicine;(13)
the Sam Houston State University College of Osteopathic Medicine;(14)
the Dell Medical School at The University of Texas at Austin; and(15)
Baylor College of Medicine, if a contract between Baylor College of Medicine and the Texas Higher Education Coordinating Board is in effect under Section 61.092 (Contracts with Baylor College of Medicine).(d)
The governing board of a health-related institution of higher education entitled to receive money under this subchapter may solicit and accept gifts and grants to the fund. A gift or grant to the fund shall be appropriated and distributed and may be used in the same manner as an amount appropriated under Section 63.003 (Allocation of Distribution), subject to any limitation or requirement placed on the gift or grant by the donor or granting entity.(e)
Sections 403.095 (Use of Dedicated Revenue) and 404.071 (Disposition of Interest on Investments), Government Code, do not apply to the fund. Section 404.094 (Funds to Be Deposited in Treasury)(d), Government Code, applies to the fund.(f)
An institution of higher education that has accepted a gift under Subchapter I (Definitions), Chapter 51 (Provisions Generally Applicable to Higher Education), that was conditioned on the receipt by the institution of state matching funds from the eminent scholars fund may use money the institution receives under this subchapter to provide the state matching funds, treating that amount as if it were a distribution to the institution from the eminent scholars fund for purposes of Subchapter I (Definitions), Chapter 51 (Provisions Generally Applicable to Higher Education).
Source:
Section 63.002 — Administration and Use of Fund, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.63.htm#63.002 (accessed May 4, 2024).
