Texas § HR.161.303 - ESTABLISHMENT AND ADMINISTRATION OF FUND

§ HR.161.303. ESTABLISHMENT AND ADMINISTRATION OF FUND

ESTABLISHMENT AND ADMINISTRATION OF FUND. (a) The Chris Kyker Endowment for Seniors Fund is a special fund outside the state treasury held by the comptroller. (b) The comptroller shall deposit in the fund: (1) money appropriated to the fund; (2) grants, gifts, and donations from any other public or private source; and (3) income and interest, including depository interest, as provided by Subsection (f). (c) The comptroller shall administer and manage the assets of the fund in accordance with this section and the rules adopted by the executive commissioner under Section 161.304 (c). In managing the assets of the fund, the comptroller may acquire, exchange, sell, supervise, manage, or retain, through procedures and subject to restrictions the comptroller considers appropriate, 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 expenses of managing fund investments shall be paid from the fund. (e) On request, the comptroller shall fully disclose all details concerning the investments of the fund. (f) Interest earned on the fund shall be credited to the fund. Added by Acts 2009, 81st Leg., R.S., Ch. 318 (H.B. 610 ), Sec. 1, eff. September 1, 2009.