Case Information
5 .” !.’ I j OFFICE OF THE A’ITORNEY GENERAL OF WXAS ‘. ’ ! 1
. , iRISTIN .*
c o-GlM”“i A?--- . * \ ,! ‘. 4 :. : .’ .., : . .., A . : ; ., ‘ + ’ ‘j ~.9, D. B. snpp8'~Esooutlvb Saor&tarj
, yoacber Retlroment Bgdtim of Texas
syotom OS tlld Btato roximntoly $447,000.00 ~...
G,OO3.00 th.oroSorc roproaontn ‘a char Snviqg~ Pmd, and your opinion ,“, ’ ’ oquoatod an tcr’tihetiior or hot this ‘. .;.‘~’ profit CM bo oonoizuod to bo lncom althin tho pro- :. -:,“, ’ vioibna of Sub Motion 6 dS Seotlon 0 of the .Teao!mr ’ : .’ . a’.’ Roilroment Lnw, ., _’ : “. ‘,.
nIS this profit ..&A ba ‘ao corlatruod ad ~inoomo .’ within t;ho povialanfi OS the Article above roforrod’ :’
.to, o&n the pi-oi3.t ‘Won bo diatributtid “, individual. ~toachoref aooounta in aoaordnnco YI:rith the. ., .: .proviaiono of SeatTon 0, Sub 8eotion 1 R OS the Toaaher’ notiroxmnt. map ~, :’ ’ 1~ ;:z.j,!,;‘: 1 ‘< *2 -“IS! tine ‘nbok roforrod to profit Q&n not bo ” L j .,
IJO construed, your opMon b further roquootod . . * aa to what diopoeltiun the 6ystom rrhould nnlco . - i OS the profit.” ‘_
’ Repl&g to yo: quootiona 00 quote Sitibaootion 6 of .d
6otlon 8 of the Tonchor Retironont Law, 88 amondod by.& BI ; : #oe 602, 48th Laglelature, which reade ~au follonsr . . ‘; “The fnteroot Fuud %ts hcroby croatcd to Saci’l- ;I. a-; :
‘: .itata &.a orediling of Interest ‘. . .. ., .._ othor flUl&B. AU i.nccmol intorost and dividondo ’ .I! I:. .- ’ .::L.. . . dorivod from ‘tho .doposito and lnvostmonto av.th?r- ‘*. i : ;‘. ,. “? l. lead by. thin bet shall bo pa3.d ,Snto. tho Intoroot ..~. Fund. .‘. On00 oath yoar on Aufptet 31, lntoroot !. :‘. .’ _ : i. .:
. . .bo alloued .and tranaiorred to tho othor Sundrc, re- j’ a, in * apootivoly. The Gtato Board of Truetooa shall ‘:i-
annually tranefer to the oredlt of tha lntoroclt ” : ., ’ ‘. ~. ’ re8eaw acoount of the Permanent llotiromont Fun& .’ ‘: ’ ‘-’ ‘- .‘jj.. fun& ’ . ‘1 ,,_ :~ i ‘all of,ooaa sarniugo after intorost-bear . . 2, : and the Exponae h.n~ have been duly orodl 9.B d WA& e ; +. :, ;!. ,
.Sootion 8, kaboerrtion .i(d) OS the satru) law is br&ht . iorward in Ii. D4 Ro4 ‘602 au Bootion 6, Subaeoti’on l(e) and .Foads .-] ‘-i:“’ . . _._ ‘z.. . a0 follors t . ..’ .,.~. i 5 %rront P&root on mombo&t oontrlbutionn’ ‘:.:. .i
shrill, be credltod annually auk of Awuet slat and. shell .be alloved on the amouut of tho aooumulntod ’ .~, .: ;...’ f contributiona standing to the oroait of the mod-’ ; ’ ; : “. ! ’ ; bcr ‘at the bagxnning of the yoar and ohalJ. not bo. , ,! ,. .; ;.y . allowed for parta of. a year. Following the tarti- : ,.
‘._ nation of memborahip in the Rotiremont Syston for ; : .” j . ‘, I., thooe momboro who have boon absent from wrvioe for
, ~Slve (6), gears’ln:any porlod 0s~ iiz (8) oone.goutlva .. .’ I.* :, i., a:,.. :, .~. ,i ,!’ .;,.; ;~ .t .y:” ~-8% ,*i.-i.,’ :~‘,:,, ::.:,; ..~l. .,: ~.‘.. I: ‘, r
28’7 [*] . ~* yoara, tho l’oaohcx ! Saving Fund account or SUCh~ . .:
mombcra sha: 11 bo cloood and warrants oovoring the total accumulated contributions Bent to thorn .* - upon tho fi1j.w OS Sowal application. Until’ the . . ’ ’ . time of payment of such aocumulat.od contrlbutiona, said toaohor ahall rocoivo no lntorost on tln0 I. ,~I .’ .’ amount duo him under this subeeotlon, and the - anwunt bo hold in a non-iutarost-boarll nocount to bo aot up for suoh purpose.” I.
Construfng the forogotig quotations Srom, ,tho Teacher .’ Rotiromont Lari it Zs our opinion tbat tko profit dcrivod Srom &o onlc OS the bonds ;is l%coaio and that l%.should bo paid into the Intordat Fund In aobordanoo with tho provlaions of seotion e1 subeeotlon 5 OS tha abovo nsentionod lau, and dlstr~butod as provided ,in Subooofion l(o) 0S Sootlon 0, of thy o.inonUo$ Act. I; r+ ‘. * Yio.c~oloso horaklth a cbpy of Opinion Eumbor 04323, ’ the hot pnragxaph of which opinion construoo “other revonw9 au m?nnin(l any rovonue earnod by the pormanont nol~ol. fund OS a oounty as a rosnlt of tile ~invontmont of.-the prowodo of t&o as10 of ILand belongin& to suoh Sunde. . i.
Ke think it is 01e& that profit dori&d from l&o~t.- aonts authorA%d by tho MY-~oonstltutea “lnoomo* pnd should bo .? paid Pinto. the Dltorost ma, : . .. ;rr :’ ,. : .: