Texas Education Code - Section 52.89. Fund
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§ 52.89. FUND. (a) A special fund to be known as the
student loan auxiliary fund is created in the state treasury.
(b) The fund consists of proceeds from the sale of the bonds
deposited in accordance with this section, gifts or grants made to
the board for purposes of the fund, and deposits made as authorized
by this chapter.
(c) The board shall deposit to the credit of the fund any
proceeds from the sale of bonds, excluding:
(1) any accrued interest on the bonds which shall be
deposited in the board interest and sinking fund relating to the
bonds; and
(2) proceeds from the sale of bonds issued by the board
under Section 56.464(b) to provide Texas B-On-time student loans.
(c-1) Notwithstanding Subsection (c), proceeds from the
sale of bonds issued by the board under Section 56.464(b) to provide
Texas B-On-time student loans may be deposited to the credit of the
fund by resolution of the board.
(d) The board by resolution may create and provide the terms
of the administration and use of an interest and sinking account or
other accounts in the fund.
Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 5, § 1. Amended by
Acts 1993, 73rd Leg., ch. 571, § 13, eff. Aug. 30, 1993; Acts
2003, 78th Leg., ch. 779, § 3, eff. June 20, 2003.
Section: 52.82 52.83 52.84 52.85 52.86 52.87 52.88 52.89 52.90 52.91 53.01 53.02 53.11 53.12 53.13
Last modified: August 10, 2007
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