Texas Attorney General Opinion: JM-306 Page: 2 of 3
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Mr. Ed Grisham - Page 2 (JM-306)
is not the property of the state in any capacity,
but is a trust fur d to be held out of the State
Treasury, but in the hands of the State Treasurer
as trustee, for the benefit of a class of
employees. ..
Id. at 580.
Also in 1941, this office referred to the Supreme Court decision
in Friedman v. American Suroty Co. of New York, in determining that
the designation of the unelnployment fund as a trust fund and the
admonition to establish a separate fund to be held apart from all
public money of this state differentiates this money from the general
and special funds of the state. Attorney General Opinion 0-3607
(1941).
Subsequent to the act establishing the Unemployment Compensation
Fund, the legislature, in 195)9, enacted a statutory provision relevant
to the disposition of depostory interest. Article 2543d, V.T.C.S.,
provides, in pertinent part, that
Section 1. Interest received on account of
time deposits of imoneys in funds and accounts in
the charge of the State Treasurer shall be
allocated as follows: To each constitutional fund
there shall be credited the pro rata portion of
the interest received due to such fund. The
remainder of the interest received, with the
exception of that: portion required by other
statutes to be credited on a pro rata basis to
protested tax payments, shall be credited to the
General Revenue Fund. The interest received shall
be allocated on a wnthly basis.
Sec. 3. As tc the proper interpretation and
application of this Article, the State Treasurer
is entitled to re:.y upon the opinion and advice of
the Attorney General.
This office previously has determined that the provision of
article 2543d which directs that interest earned on money in funds in
the charge of the State Tr easurer be credited to the General Revenue
Fund does not apply to interest on trust funds which are not the
property of the state and ihich the State Treasurer holds as trustee
out of the State Treasury. Opinions issued by this office consis-
tently have determined that interest on such trust funds becomes part
of the principal and part of the fund which generated the interest.p. 1391
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Texas. Attorney-General's Office. Texas Attorney General Opinion: JM-306, text, April 9, 1985; (https://texashistory.unt.edu/ark:/67531/metapth272746/m1/2/: accessed July 9, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.