Section 487.559 - Administration and Use of Fund(a) The department may administer the permanent endowment fund for the rural communities health care investment program. If the department elects not to administer the fund, the comptroller shall administer the fund.(b) The administrator of the fund shall invest the fund in a manner intended to preserve the purchasing power of the fund's assets and the fund's annual distributions. The administrator may acquire, exchange, sell, supervise, manage, or retain, through procedures and subject to restrictions the administrator considers appropriate, any kind of investment of the fund's assets that prudent investors, 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.(c) The comptroller or the department may solicit and accept gifts and grants to the fund.(d) Annual distributions for the fund shall be determined by the investment and distribution policy adopted by the administrator of the fund for the fund's assets.(e) Except as provided by Subsection (f), money in the fund may not be used for any purpose.(f) The amount available for distribution from the fund, including any gift or grant, may be appropriated only for providing stipends and loan reimbursement under the programs authorized by this subchapter and to pay the expenses of managing the fund. The expenditure of a gift or grant is subject to any limitation or requirement placed on the gift or grant by the donor or granting entity.(g) Sections 403.095 and 404.071, Government Code, do not apply to the fund. Section 404.094(d), Government Code, applies to the fund.Tex. Gov't. Code § 487.559
Amended By Acts 2009, 81st Leg., R.S., Ch. 112, Sec. 73, eff. 9/1/2009.Amended By Acts 2003, 78th Leg., ch. 1276, Sec. 9.006(e), eff. 9/1/2003.Added by Acts 2001, 77th Leg., ch. 435, Sec. 2, eff. 5/28/2001. Redesignated from Health and Safety Code Sec. 106.309 and amended by Acts 2003, 78th Leg., ch. 609, Sec. 6, eff. 9/1/2003