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

Home Browse Search

--.' ~ 2256.016 GOVERNME"-t"T CODE Title 1 0 required for the entity to invest funds in and withdraw funds from the pool; and (12) the performance history of the pool. includif!g yield, ave:-age dollar- weiE:hted maturities. and exoense ratios. . - . ., (c) To m:J.intain. eligibility to receive funds from and invest funds on behalf of an entity under this chapter. an investment pool must furnish to the investment officer or other authorized represenI2.tive of the entity: (l) investment transaction confirmations; and (2) a monthly report that contains, at a minimum. the following informa- tion: (A) the types and percentage breakdown of securities in which the pool is invested; (B) the current average dollar-weighted maturity, based on the stated maturity date. of the pool; (C) the current percentage of the pool's portfolio in investments that have stated maturities of more than one year; (D) the book value versus the muket value of t.~e pool's portfolio. using amornzed cost valuation; (E) the size of the pool; (F) the numbe:- of participants in the pool; (G) the custodian bank that is safekeeping the assets of t.~e pool; (H) a listing of daily transaction activity of the entity participating in the pool; . (I) the yield and expense ratio of th.e pool; . . (J) the portfolio managers of the pool; and (K) any changes or addenda to the offering circular. (d) An entity by contract may delegate to an investment pool the authority to hold legal title as custodian of investments purchased with its local funds. (e) In this section. "yield" shall be calculated in accordance with regulations governing the registration of open-end management invesnnent companies under the Investment Company Act of 1940. as promulgated from time to time by the federal Securities and Exchange Commission. (0 To be eligible to receive funds from and invest funds on behalf of an entity under this chapter, a public funds investme:lt pool created to function as a money market mutual fund must mark its portfolio to market daily, and, to the extent reasonably possible, stabilize at a S 1 net asset value. If the ratio of t..'1e muket value of the portfolio divided by the book value of the portfolio is less than 0.995 or greater than 1.005. portfolio holdings shall be- sold as necessary to maintain the ratio between 0.995 and 1.005. (g) To be eligible to receive funds from and invest funds on behalf of an entity under this chapter, a public funds investment pool must have an advisory board composed: .. l , . J . ._.~L