(a) In addition to other investments authorized under this subchapter, a municipality may invest funds received by the municipality from a lease or contract for the management and development of land owned by the municipality and leased for oil, gas, or other mineral development in any investment authorized to be made by a trustee under Subtitle B, Title 9, Property Code (Texas Trust Code).
(b) Funds invested by a municipality under this section shall be segregated and accounted for separately from other funds of the municipality.

Terms Used In Texas Government Code 2256.0202

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: means real and personal property. See Texas Government Code 311.005
  • Trustee: A person or institution holding and administering property in trust.
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