Texas Government Code 403.506 – Opioid Abatement Trust Fund
Current as of: 2024 | Check for updates
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(a) The opioid abatement trust fund is a trust fund established outside of the state treasury for the purposes of this subchapter that is administered by the trust company. The trust company may authorize money from the fund to be invested with money from the state treasury.
(b) The fund consists of:
(1) money obtained under a statewide opioid settlement agreement and deposited in the fund under § 403.507; and
(2) interest, dividends, and other income of the fund.
Terms Used In Texas Government Code 403.506
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Justice: when applied to a magistrate, means justice of the peace. See Texas Government Code 312.011
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) The trust company shall:
(1) distribute to counties and municipalities to address opioid-related harms in those communities an amount equal to 15 percent of the total amount of money obtained under a statewide opioid settlement agreement and distributed to the fund and the account under § 403.507; and
(2) allocate an amount equal to 70 percent of the total amount of money obtained under a statewide opioid settlement agreement and distributed to the fund and the account under § 403.507 as follows:
(A) $5 million of the amount distributed to the fund to the Texas Access to Justice Foundation to be expended only on the order of the Supreme Court of Texas for the purpose of providing basic civil legal services to indigent persons directly impacted by opioid-use disorders, including children who need basic civil legal services as a result of opioid-use disorders by a parent, legal guardian or caretaker; and
(B) the remainder of that 70 percent to the council.
(d) The trust company shall distribute money allocated under Subsection (c)(2) at the direction of the council.
(e) The council shall provide to the trust company an annual forecast of money deposited and withdrawn from the fund and provide updates to the forecast as appropriate to ensure the trust company is able to achieve the council’s directives.
(f) In investing money from the fund and subject to the council’s direction, the trust company has the same investment authority with respect to the fund as the comptroller has under Sections 404.0241(a) and (c) with respect to the economic stabilization fund.