| Issue Date: | |
|---|---|
| Revised Date: | 1999-11-07 |
Legal Cites
- Education Code sec. 66.01
- Texas Constitution art. VII sec. 10, art. VII sec. 11, art. VII sec. 11a, art. VII sec. 15, art. VII sec. 18
Origin:
1876
Purpose
To provide a perpetual endowment for establishment and support of "a University of the first class." The fund consists of land, proceeds from the sale of land, and earnings of land from royalties. It can be invested, but principal is not expendable. The income derived from investment is distributed by the board of regents of the University of Texas System to the Available University Fund (0011), Texas A&M University Available Fund (0047), and the Prairie View A&M University Available Fund (0042).
| Classification | Group 05: Constitutional Nonexpendable Funds [?] |
|---|---|
| Depository Interest | Retained in appropriated fund |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated for expenditure. |
Administering Agencies
Note
Distribution of investment income changed per H.J.R. 58, 76th Leg., R.S.
USAS Values
| USAS Title | PERMANENT UNIVERSITY FUND |
|---|---|
| Consolidated Fund | |
| State Fund Group | 05 - CONSTITUTIONAL NONEXPENDABLE FUNDS |
| USAS Status | A |
Created by the state's constitution and not expendable for any purpose.