Untitled Texas Attorney General Opinion

-. 5 . . .” !.’ I j 1 OFFICE OF THE A’ITORNEY GENERAL OF WXAS . ‘. ’ ! 1 . , iRISTIN i . .* o-GlM”“i ‘j c A?--- . . * ‘. 4 :. 6 i ; ., * \ : .’ i .., . : : - + ,! ‘. ‘.. : . . . :. , .., ’ : . . I ‘ . * A ~.9, D. B. snpp8'~Esooutlvb Saor&tarj , yoacber Retlroment Bgdtim of Texas . syotom OS tlldBtato 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 to the variouo “, individual. ~toachoref aooounta in aoaordnnco YI:rith the. .,.: .proviaiono of SeatTon 0, Sub 8eotion 1 R OS the Toaaher’ notiroxmnt. map ~, :’ ’ I . ;:z.j,!,;‘: 1 1~ : ‘< .. I -“IS! tine ‘nbok roforrod to profit Q&n not bo ” L IJOconstrued, your opMon b further roquootod j ., .. * aa to what diopoeltiun the 6ystom rrhould nnlco . - OS the profit.” i .~ ‘_ * . . . -. . I I ’ 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 %tshcroby croatcd to Saci’l- ;I. a-; : ‘: .itata &.a orediling of Interest to the variouo ‘. . .. ., .._ 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 shall !. :‘. .’ _ : 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.. ‘all of,ooaa sarniugo after intorost-bear fun& ’ . ‘1,,_ :~ i and the Exponae h.n~ have been duly orodl9.B d WA& e .. 2, : ‘. ; +. :, ;!., .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:“’ a0 follors t . ._._‘z.. . ...’ .,.~. .. i 5 %rront P&root on mombo&t oontrlbutionn’ ‘:.:. i shrill, be credltod annually auk of Awuet slat and. .i shell .be alloved on the amouut of tho aooumulntod ’ .~, .: ;...’ fi 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., .. . . :, . . .~. ,i a:,.. .: ,!’ .;,.; ;~ .t .y:” ~-8% ,*i.-i.,’ :~‘,:,, ::.:,; ..~l. : : .,: ~.‘.. I: ‘. . ‘, i . . . 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 shall bo hold in a non-iutarost-boarll * ‘.. ‘. .. nocount to bo aot up for suoh purpose.” ‘. . .: . - . I. 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+ I ‘. * i 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 ILandbelongin& 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, * . ‘. . :. , 7 . .. ;rr . . .. :’,. .. 8 : .: