Untitled Texas Attorney General Opinion ( 1939 )

Ron. John H. Shoo?s Gplnion Do. 044% Crssdnal District Attorney Re: Eun3-s avail~bla to pay Bexar County accrued in&rest and I~ror&um San Qtonio, Texas on bonds purchased i+ltb money belonging to tho County Perma- Dear Sir: non: School Rund. Ide have your letter of September 20, in which you request our opinion on the following question: Tram uhat fund or funds csn be paid the occum~.LXatcdinterest and pre&um on bonds ‘chased with money belonging to the County K- mvzent 5chool Fund?” Before ansucring your qrlestion .ire desire to readopt the opinion _. of,``I$. Victor .-ii.. Roulding,. iissist~t.Attornay Gon- iiral, dated July 22, 3936t addressed to Xr. J. 1. herron, County Auditor of Erazos County, as cxpr,es*g our v%ews on _th~.s~subj ect . ..YonA.ave~hoen heretofore su~yl``.-with--``-ce~y of that opinion. Zn anfliler to your--question we lsfsh to-~&vise t,hat it 1s our opinion that premium co-3’s of b5nds’ purchased. for the County Peremnent School Fund should be ckrged to that fund snd repsid to said fundout of the first interest accru- lng on said bonds. This action should be taken by. t!le Coi&s- sionurst Court to whom 1~e.sbeeu .delogated the resaonsibil%ty of investing and ssfeguardfrg the County Formane&. School iXn-& See Section 6 A rticle 7 of the Constitution and Article 2824, Revised Clvil’Statutes, l&s. Cnd it is also O.L~opinion that the interest accrued on such bonds at date of purchase should be paid out of the “a.vail*b!.e fundIf. I!nler’ the authority of Gge et al vs., fioboese et czl 66 5.14. 688 (rehearing donilcd) Lt has been deter,mlned. - thst the Commissioners Court has no jurisdiction ov6r the l*~v~il- sble fund” 9 th.At, po;$cr hiving been conferred upon the c.ovaty school trustees nsting. 'CilrOVgh the County~ Superlntendcnt. Such was .the ccWtls tnteryrstatiOn, thore being no oxprese La-ii OQ the subject. It is, thersfer& our conclusicn that it.. waK!.d be ,neca’s- eary for the County Su;>crlntcndent to auth.orizo the issuance of a warrant rcainst the “availabbe fund” for the pur$ose .of pwing.. the accrued interest on .any bonds :lurchased by the Co&&iione~s' H ‘cm; John R, Shook, pago ,2 Court as an’investment loi? .the County Permzmnt School Fund.. Them two authorities should act jofntly.. It fol.lotis, as a uatter of course, that the %vafZable fund” would be m&a- ..b~sed for such er$endfture upon the receipt of tho interest subsequently paid by tine obliger on the boads. ~TrusU.ng that this satisfactori?y answers 90~s ques- tlon,.we 8x3 Very truly yours,. JU!‘``RN``Y GElUWi OF TRXAS X3; /s/ Clarence 33. Crmo Clarerice E. +03e, Assisti& Cl%%s:wb