Texas Administrative Code
|PART 1||TEXAS HIGHER EDUCATION COORDINATING BOARD|
|CHAPTER 21||STUDENT SERVICES|
|SUBCHAPTER D||HINSON-HAZLEWOOD COLLEGE STUDENT LOAN PROGRAM: ALL LOANS MADE BEFORE FALL SEMESTER, 1971, NOT SUBJECT TO THE FEDERALLY INSURED STUDENT LOAN PROGRAM|
|RULE §21.84||Investment of Funds|
All monies standing to the credit of the reserve portion of the interest and sinking fund and any monies in the Texas opportunity plan fund in excess of the amount necessary for student loans may be invested by the commissioner, after seeking the advice and counsel of the investment committee of the board and after following such directives as may be given from time to time by the board, in direct obligations of the United States or its agencies or in other obligations unconditionally guaranteed by the United States, or bonds of the State of Texas, or of the several counties or municipalities or other political subdivisions of the State of Texas; provided, however, that money in the interest and sinking fund, except for that which is in the reserve portion of such fund, may be invested only in direct obligations of or unconditionally guaranteed by the United States which are scheduled to mature prior to the date money must be available for use for its intended purpose. All of such bonds and obligations owned in the interest and sinking fund or in the Texas opportunity plan fund are defined as "securities." Such securities owned in the interest and sinking fund or in the Texas opportunity plan fund may be sold at the prevailing market price.
|Source Note: The provisions of this §21.84 adopted to be effective January 1, 1976.|
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