Tex. Gov't Code Section 481.607
Management and Investment of Fund


(a)

The trust company shall hold and invest the fund, and any accounts established in the fund, for and in the name of the office, taking into account the purposes for which money in the fund may be used. The fund may be co-invested with the state treasury pool.

(b)

The overall objective for the investment of the fund is to maintain sufficient liquidity to meet the needs of the fund while striving to preserve the purchasing power of the fund. It is the intent of the legislature that the fund remain available in perpetuity for the purposes of this subchapter.

(c)

The trust company has any power necessary to accomplish the purposes of managing and investing the assets of the fund. In managing the assets of the fund, through procedures and subject to restrictions the trust company considers appropriate, the trust company may acquire, exchange, sell, supervise, manage, or retain any kind of investment that a prudent investor, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances of the fund then prevailing, taking into consideration the investment of all the assets of the fund rather than a single investment.

(d)

The trust company may recover the costs incurred in managing and investing the fund only from the earnings of the fund.

(e)

The trust company annually shall report to the office with respect to the investment of the fund. The trust company shall contract with a certified public accountant to conduct an independent audit of the fund annually and shall present the results of each annual audit to the office. This subsection does not affect the state auditor’s authority to conduct an audit of the fund under Chapter 321 (State Auditor).

(f)

The trust company shall adopt an investment policy that is appropriate for the fund. The trust company shall present the investment policy to the investment advisory board established under Section 404.028 (Investment Advisory Board). The investment advisory board shall submit to the trust company recommendations regarding the policy.

(g)

The office annually shall provide to the trust company a forecast of the cash flows into and out of the fund. The office shall provide updates to the forecasts as appropriate to ensure that the trust company is able to achieve the objective specified by Subsection (b).

(h)

The trust company shall disburse money from the fund as directed by the office.
Added by Acts 2021, 87th Leg., R.S., Ch. 847 (S.B. 678), Sec. 1, eff. September 1, 2021.
Redesignated from Government Code, Subchapter CC (Definitions), Chapter 481 (Texas Economic Development and Tourism Office) by Acts 2023, 88th Leg., R.S., Ch. 768 (H.B. 4595), Sec. 24.001(19), eff. September 1, 2023.

Source: Section 481.607 — Management and Investment of Fund, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­481.­htm#481.­607 (accessed Jun. 5, 2024).

481.001
Definitions
481.002
Office
481.003
Sunset Provision
481.005
Executive Director
481.008
Audit
481.009
Review of Bonds
481.010
Personnel
481.012
Public Interest Information and Complaints
481.021
General Powers of Office
481.022
General Duties of Office
481.023
Administration of Other Statutes
481.024
Texas Economic Development Corporation
481.025
Empowerment Zone and Enterprise Community Program
481.026
Technological Solutions
481.027
Foreign Offices
481.029
Cost Recovery
481.0042
Conflict of Interest
481.043
General Powers and Duties Relating to International Trade
481.0045
Negotiated Rulemaking and Alternative Dispute Resolution Policy
481.047
Confidentiality
481.0066
Aerospace and Aviation Office
481.0067
Small Business Advocate
481.0068
Office of Small Business Assistance
481.0069
Spaceport Trust Fund
481.072
Definitions
481.073
Powers and Duties Relating to Financing
481.075
Program Rules
481.078
Texas Enterprise Fund
481.079
Report on Use of Money in Texas Enterprise Fund
481.080
Economic and Fiscal Impact Statement for Certain Grant Proposals
481.121
Definitions
481.122
Creation
481.123
Duties
481.124
Comprehensive Permit Application Procedure
481.125
Comprehensive Permit Handbook
481.126
Assistance of Other State Agencies
481.127
Comprehensive Permit Information
481.128
No Charges for Services
481.129
Environmental Permits
481.166
Legislative Findings
481.167
Texas Business and Community Economic Development Clearinghouse
481.172
Duties
481.173
Name and Picture of Living State Official
481.174
Advertisements in Tourism Promotions
481.211
Powers and Duties
481.0211
Advisory Committees
481.212
Compilation and Distribution of Data and Research
481.0215
Coordination of Economic Development Efforts
481.0295
Identification of Industry Clusters
481.0296
Advanced Technology Industries
481.379
Design Committee
481.401
Definitions
481.403
Access to Capital Programs
481.406
Rulemaking Authority
481.411
Annual Report
481.412
Reports
481.413
State Liability Prohibited
481.414
Gifts and Grants
481.451
Definitions
481.452
Micro-business Recovery Fund
481.453
Powers of Bank in Administering Micro-business Recovery Fund
481.454
Establishment of Loan Program
481.455
Program Administration
481.456
Rulemaking
481.457
Oversight
481.501
Definitions
481.502
Financial Assistance
481.503
Memorandum of Understanding
481.504
Security for Loans
481.601
Definitions
481.602
Small Business Disaster Recovery Loan Program
481.603
Eligibility for Loan
481.604
Uses of Loan
481.605
Application for Loan
481.606
Small Business Disaster Recovery Revolving Fund
481.607
Management and Investment of Fund
481.608
Rules
481.609
Report
481.651
Definitions
481.652
Establishment
481.653
Composition of Consortium
481.654
Administrative Attachment
481.655
Executive Committee Composition
481.656
Duties of Executive Committee
481.657
Biennial Report
481.658
Texas Semiconductor Innovation Fund
481.00681
Office of Small Business Assistance Advisory Task Force
481.0725
General Powers and Duties

Accessed:
Jun. 5, 2024

§ 481.607’s source at texas​.gov