1. (a) The board may, by a resolution adopted at a regular meeting, release from the real estate special fund account funds previously designated under Section 51.401 or managed, used, or encumbered under Section 51.402 or Section 51.4021 to be deposited in the State Treasury to the credit of:

   1. (1) the available school fund; or
   2. (2) the Texas Permanent School Fund Corporation for investment in the permanent school fund.
2. (b) The board shall adopt rules to establish the procedure that will be used by the board to determine the date a transfer will be made and the amount of the funds that will be transferred to the available school fund or to the Texas Permanent School Fund Corporation for investment in the permanent school fund from the real estate special fund account as provided by Subsection (a).

Added by Acts 2007, 80th Leg., R.S., Ch. 1368 (H.B. 3699), Sec. 8, eff. June 15, 2007.

Acts 2015, 84th Leg., R.S., Ch. 735 (H.B. 1551), Sec. 1, eff. June 17, 2015.

Acts 2019, 86th Leg., R.S., Ch. 524 (S.B. 608), Sec. 11, eff. September 1, 2019.

Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 2.09, eff. December 31, 2022.