Texas Education Code - Section 12.107. Status And Use Of Funds
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§ 12.107. STATUS AND USE OF FUNDS. (a) Funds received
under Section 12.106 after September 1, 2001, by a charter holder:
(1) are considered to be public funds for all purposes
under state law;
(2) are held in trust by the charter holder for the
benefit of the students of the open-enrollment charter school;
(3) may be used only for a purpose for which a school
may use local funds under Section 45.105(c); and
(4) pending their use, must be deposited into a bank,
as defined by Section 45.201, with which the charter holder has
entered into a depository contract.
(b) A charter holder shall deliver to the agency a copy of
the depository contract between the charter holder and any bank
into which state funds are deposited.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 2001, 77th Leg., ch. 1504, § 7, eff. Sept. 1,
2001.
Section: 12.1053 12.1054 12.1055 12.1056 12.1057 12.106 12.1061 12.107 12.1071 12.108 12.109 12.110 12.1101 12.111 12.112
Last modified: August 10, 2007
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