Sec. 441.071. TEXAS PUBLIC LIBRARY ENDOWMENT FUND. (a) The Texas public library endowment fund is a trust fund outside the state treasury held by a bank or depository trust company and administered by the commission for the benefit of the public as provided by this section.
(b) The fund consists of donations accepted by the commission under Section 441.074.
(c) The corpus of the endowment fund may not be spent for any purpose.
(d) Not later than September 1 of each year, the commission shall remit all or part of the interest and income earned on money in the endowment fund to the comptroller for deposit in the state treasury to the credit of the Texas public library fund. The commission shall credit to the corpus of the endowment fund any portion of the interest and income not credited to the public library fund in the treasury.
Added by Acts 1999, 76th Leg., ch. 152, Sec. 1, eff. Sept. 1, 1999.
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