Tex. Gov't Code Section 404.071
Disposition of Interest on Investments

(a)

Interest received from investments of money in funds and accounts in the charge of the comptroller shall be allocated on a monthly basis as follows:

(1)

the pro rata portion of the interest received due to each constitutional fund shall be credited to that fund;

(2)

the pro rata portion of the interest received due to the game, fish, and water safety fund shall be credited to that fund; and

(3)

the remainder of the interest received shall be credited to the general revenue fund.

(b)

The legislature may appropriate a portion of the interest under Subsection (a) to the comptroller in the amount necessary to reimburse the comptroller for costs incurred in receiving, paying, accounting for, investing, and safekeeping money in those funds and accounts. Amounts appropriated for that purpose shall be deposited to the credit of the fund established for the deposit of commissions reserved to the comptroller under Section 404.052 (Obligations of Municipalities, Districts, and Political Subdivisions)(d).

(c)

If a deficit occurs in the general revenue fund, the comptroller may place with a designated depository bank an offsetting compensating balance in a special depository account known as a special demand account secured by general revenue warrants only.

(d)

The comptroller is entitled to rely on the opinion and advice of the attorney general for the proper interpretation and application of this section.

(e)

For each special fund or account that contains depository interest, the comptroller shall transfer from the fund or account to the general revenue fund an amount equal to the interest paid from the general revenue fund on behalf of the fund or account. In this subsection:

(1)

“Account” means a subdivision of a special fund or the general revenue fund.

(2)

“Fund” and “special fund” have the meanings assigned by Section 403.001 (Definitions).

(f)

The comptroller may adopt procedures and rules to administer Subsection (e).

(g)

Subsection (e) applies notwithstanding any other law.
Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 4, Sec. 2.07(a), eff. Sept. 1, 1989; Acts 1993, 73rd Leg., ch. 438, Sec. 1, eff. June 6, 1993; Acts 1993, 73rd Leg., ch. 449, Sec. 33, eff. Sept. 1, 1993; Acts 1995, 74th Leg., ch. 426, Sec. 24, eff. June 9, 1995; Acts 1997, 75th Leg., ch. 1423, Sec. 7.66, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 16, Sec. 1, eff. April 20, 2001.

Source: Section 404.071 — Disposition of Interest on Investments, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­404.­htm#404.­071 (accessed Apr. 20, 2024).

404.001
Definitions 404.0011
Transfer of Treasurer’s Powers and Duties 404.013
Rules 404.021
Eligible Institutions 404.022
Applications 404.023
Designation 404.024
Authorized Investments 404.026
Eleemosynary Funds 404.027
Liquidity 404.028
Investment Advisory Board 404.031
Collateral Requirements 404.032
Deposits 404.033
Withdrawals and Remittances 404.041
Trustee 404.043
Security Officers 404.045
Receipt of Money 404.046
Payment from Treasury 404.047
Accounts 404.048
Report 404.049
Money in Treasury 404.050
Delivery to Successor 404.051
Money Returned to County or Municipality 404.052
Obligations of Municipalities, Districts, and Political Subdivisions 404.054
Daily Totals 404.055
Time and Demand Deposits 404.056
Information Concerning Warrants 404.057
Warrants Payable Accounts 404.058
Outstanding Warrants 404.059
General Ledger Accounts 404.060
Priority of Warrants 404.062
Undetermined Remittances 404.063
Violation 404.064
Office Fees 404.065
Cash Balancing 404.066
Ledger 404.067
Safekeeping 404.068
State Regulatory Agencies Safekeeping and Pledged Collateral 404.069
Trust Funds 404.070
Validity of Voided Warrants 404.071
Disposition of Interest on Investments 404.072
Examination by State Auditor 404.073
Funds Outside Treasury 404.091
Short Title 404.092
Definition 404.093
Applicability of Subchapter 404.094
Funds to Be Deposited in Treasury 404.095
Electronic Transfer of Certain Payments 404.096
Rapid Deposits, Transactions, and Transfers Required 404.097
Deposit of Funds Recovered by Litigation or Settlement 404.101
Definitions 404.102
Creation of Trust Company 404.103
Powers 404.104
Duties of Comptroller 404.105
Capital or Reserve 404.106
Earnings 404.107
Fees 404.108
Trust Company Investment Advisory Board 404.109
Restrictions on Advisory Board Appointment, Membership, and Employment 404.110
Removal of Advisory Board Members 404.111
Advisory Board Member Training 404.112
Compensation 404.113
Meetings 404.114
Investment Management 404.115
Personnel 404.116
Liability Insurance for Certain Board Members, Officials, and Staff 404.121
Definitions 404.122
Cash Management Committee 404.123
Notes Authorized 404.124
Shortfall Forecast 404.125
Issuance of Notes 404.126
Fund Transfers 404.0211
Conflict of Interest 404.0212
Depository Rating Under Certain Federal Law 404.0221
Eligible Collateral 404.0241
Investment of Certain Economic Stabilization Fund Balances 404.0245
Crude Oil and Natural Gas Futures Contracts
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

§ 404.071’s source at texas​.gov