1999-003-CHAPTER 2256 OF THE TEXAS GOVERNMENT CODE, PUBLIC FUND INVESTMENT ACT

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GENERAL GOVER..'IMENf Ch. 2256 (4) the price of the guaranteed investment contract must take into account the reasonably expected drawdown schedule for the bond proceeds to be invested; and I (5) the provider must certify the administrative costs reaSonably expected to be paid to third parties in connection with the guaranteed investment contract. ~ 2256.016 Amended by Acts 1995. 74th Leg.. ch. 402.9 I. eff. Sept. I. 1995: Acts 1997. 75th Leg.. ch. 142 1.9 8. eff. Sept. I. J 997. . Historical and Starutory Notes ActS 199i. i5lh Leg.. ch. 1421. in the section' For application provisions of ActS !99i. i5th heading. inserted "for Slate Agencies". Leg.. ch. 1421. see notes following V.T.C.A.. Govemme:lt Code !i 2256.002. 9 2256.016. Authorized Investments: Investment Pools (a) An entity may invest its funds and funds under its control through an eligible investment pool if the governing body of the entity by rule. order, ordinance. or resolution, as appropriate, authorizesinvestme:n in the particular pool. An investment pool shall invest the funds it receives from entities in authorized investments permined by this subchapter. (b) To be eligible to receive funds from and invest func.s on behalf of an entity under this chapter. an investment pool must furnish to the investment officer or other authorized representative of the entity an offering circular or other similar disclosure instrument that contains. at a minimum. the following information: (L) the types of investments in which money is allowed to be invested; (2) the ma-dmum average dollar-weighted maturity allowed. based on the stated maturity date, of the pool; (3) the. ma-dmum stated maturity date any investment security within the portfolio has; (4) the objectives of the pool; (5) the size of the pool; (6) the names of the members of the advisory board of the pool and the dates their terms expire; (7) the custodian bank that will safekeep the pool's assets; (8) whether the intent of the pool is to maintain a net asset value of one dollar and the. risk of market price fluctuation: (9) whether the only source of payment is the assets of the pool at market value or whether there is a secondary source of paYment, such as insurance or guarantees. and a description of the secondary source of payment; (10) the name and address of the independent auditor of the pool; . (11) the requirements to be satisfied for. anentirv to de:Josit funds in and ~~ withdr:lw funds from the pool and any de:ldlines o~ other" operating policies - J .