Texas Education Code - Section 43.015. Duties Of Comptroller
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§ 43.015. DUTIES OF COMPTROLLER . (a) Not later than the
30th day before the first day of each regular session of the
legislature and not later than the 10th day before the first day of
any special session at which there can be legislation respecting
the public schools, the comptroller shall report to the governor
the condition of the permanent school fund and the available school
fund, the amount of each fund, and the manner of its disbursement.
(b) The comptroller shall provide the State Board of
Education with the reports specified by Subsection (a) and with
additional reports concerning those funds requested by the State
Board of Education.
(c) The comptroller shall ensure that no portion of either
the permanent school fund or the available school fund is used to
pay any warrant drawn against any other fund.
(d) The comptroller shall receive and hold in a special
deposit and account for all properties belonging to the available
school fund. All warrants drawn on that fund by the comptroller
pursuant to a certificate of the commissioner must be registered by
the comptroller and then transmitted to the commissioner, and when
properly endorsed shall be paid by the comptroller in the order of
their presentation.
(e) On order of the State Board of Education, the
comptroller shall exchange or accept refunding bonds in lieu of:
(1) either matured or unmatured bonds held for the
benefit of the permanent school fund, which are being refunded
under this chapter;
(2) defaulted obligations held for the benefit of the
available school fund if the refunding bonds are issued in
compliance with Section 43.012;
(3) defaulted obligations of any school district of
this state held for the benefit of the permanent school fund or the
available school fund if the refunding bonds are issued in
compliance with Section 43.011; or
(4) refunding bonds of any school district of this
state for school bonds not matured held by the comptroller for the
permanent school fund if the new refunding bonds are issued by the
school district in compliance with this code.
(f) The comptroller shall be the custodian of all securities
enumerated in Section 43.003(6) and of other securities as
designated by the State Board of Education in which the school funds
of the state are invested. The comptroller shall keep those
securities in the comptroller's custody until paid off, discharged,
delivered as required by the State Board of Education, or otherwise
disposed of by the proper authorities of the state, and on the
proper installment of any interest or dividend, shall see that the
proper credit is given, and the coupons on bonds, when paid, shall
be separated from the bonds and cancelled by the comptroller.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 1997, 75th Leg., ch. 1423, § 5.04, eff. Sept. 1,
1997.
Section: 43.007 43.009 43.010 43.011 43.012 43.013 43.014 43.015 43.016 43.017 43.018 43.019 43.020 44.001 44.0011
Last modified: August 10, 2007
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