General and Special Laws of The State of Texas Passed By The Second, Third and Fourth Called Sessions of the Sixty-Second Legislature and the Regular Session of the Sixty-Third Legislature Page: 244
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62nd LEGISLATURE-3rd CALLED SESSION
from the General Revenue Fund, local institutional funds, or any other receipts
and funds whatsoever, except bequests and gifts specifically designated to be in
some manner handled otherwise, shall be subject to the provisions which follow
hereafter:
a. Annual Budgets. It is expressly provided that the governing board of each
of the educational institutions named herein shall approve on or before September
1, 1972, an itemized budget covering the operation of the ensuing fiscal year,
which budget shall be prepared within the limits of the revenue available from
legislative appropriations and estimated local and other funds. A copy of each
such budget, and any subsequent amendments thereto, shall be filed with the
Legislative Reference Library to be available for public inspection.
b. Local Income from Educational Activities. The governing board of each of
the general academic teaching institutions specified in this Article shall deposit
in the State Treasury all cash receipts from all sources except auxiliary enter-
prises, non-instructional services, matriculation fees collected in lieu of student
activity fees, agency and restricted funds, endowment funds, student loan funds,
and Constitutional College Building Amendment funds.
c. Clearing Account. The State Comptroller and the State Treasurer are to
credit such receipts deposited by each such institution to a separate fund account
for the institution depositing the receipts. For the purpose of facilitating the
transferring of such institutional receipts to the State Treasury, each institution
may open in a local depository bank a clearing account to which it shall deposit
daily all such receipts, and shall, not less than every seven (7) days make remit-
tances therefrom to the State Treasurer of all except five hundred ($500) of the
total balance in said account, such remittances to be in the form of checks drawn
on the clearing account by the duly authorized officers of the institution, and no
disbursements other than remittances to the State Treasury shall be made from
such clearing account. All moneys so deposited in the State Treasury shall be
paid out on warrants drawn by the Comptroller of Public Accounts, as is now
provided by law.
d. At their option, the institutions may use their local depository bank account
in lieu of the special clearing account, provided that the general requirements as
set out in the above paragraphs, for deposits and transfers to the State Treasury,
are complied with.
e. All the funds deposited by each college or university as above provided are
hereby appropriated to the respective institutions to be expended as provided in
this Article. In the event the amount of local receipts deposited in a fiscal year
be less than the amount of said Estimated Other Educational and General Funds
for each institution, this Act shall not be construed as appropriating additional
funds from General Revenue to make up such differences.
f. Revolving Fund. Each institution affected by this Section, at its option, is
hereby authorized to maintain a revolving fund to facilitate the payment of
nominal expenses and to pay bills within cash discount periods. The institutions
may use the revolving fund for regular monthly payrolls as well as for weekly
and special payrolls. Disbursements from the revolving funds are to be reim-
bursed from respective appropriations made herein, the State Comptroller being
hereby authorized to make such reimbursements on claims filed with him by the
institutions under his regularly prescribed procedures except that one voucher
and one warrant may cover any number of claims for this purpose. These reim-
bursement claims shall meet the same requirements as other claims against State
appropriations, and each institution shall prepare such a reimbursement claim as
at the close of business on the last day of each month and as many times during
the month as may be expedient in order to make unnecessary the maintaining of
an unreasonably large revolving fund.
g. The respective governing board shall determine the amounts of the re-
volving funds to be set up for each institution, and may increase or decrease the
amounts if necessary. Such governing board shall designate a depository bank
for each revolving fund, and shall specify the officers and/or employees to sign
checks drawn on each such fund. The depository bank for each revolving fund
shall be required to secure the deposit as provided by law.
244
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Second, Third and Fourth Called Sessions of the Sixty-Second Legislature and the Regular Session of the Sixty-Third Legislature, legislative document, 1973; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221792/m1/322/?q=waco+tornado: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.