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<br />against fuel expenses. <br />(c) The governing body of a municipally owned electric or gas <br />utility or the body vested with power to manage and operate the <br />municipally owned electric or gas utility may set policy regarding <br />hedging transactions. <br />(d) In this section, "hedging" means the buying and selling <br />of fuel oil, natural gas, and electric energy futures or options or <br />similar contracts on those commodity futures as a protection <br />against loss due to price fluctuation. <br />Added by Acts 1999, 76th Leg., ch. 405, Sec. 48, eft. Sept. 1, <br />1999. <br />Sec. 2256.021. EFFECT OF LOSS OF REQUIRED RATING. An <br />investment that requires a minimum rating under this subchapter <br />does not qualify as an authorized investment during the period the <br />investment does not have the minimum rating. An entity shall take <br />all prudent measures that are consistent with its investment policy <br />to liquidate an investment that does not have the minimum rating. <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Sec. 2256.022. EXPANSION OF INVESTMENT AUTHORITY. Expansion <br />of investment authority granted by this chapter shall require a <br />risk assessment by the state auditor or performed at the direction <br />of the state auditor, subject to the legislative audit committee's <br />approval of including the review in the audit plan under Section <br />321. 013. <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Amended by Acts 2003, 78th Leg., ch. 785, Sec. 42, eff. Sept. 1, <br />2003. <br />Sec. 2256.023. INTERNAL MANAGEMENT REPORTS. (a) Not less <br />than quarterly, the investment officer shall prepare and submit to <br />the governing body of the entity a written report of investment <br />transactions for all funds covered by this chapter for the <br />preceding reporting period. <br />(b) The report must: <br />(1) describe in detail the investment position of the <br />entity on the date of the report; <br />(2) be prepared jointly by all investment officers of <br />the entity; <br />(3) be signed by each investment officer of the entity; <br />(4) contain a summary statement, prepared in compliance <br />with generally accepted accounting principles, of each pooled fund <br />group that states the: <br />(A) beginning market value for the reporting <br /> <br />period; <br /> <br />(B) <br />during the period; <br />(C) <br />( D) <br /> <br />addi tions and changes to the market value <br /> <br />period; <br /> <br />ending market value for the period; and <br />fully accrued interest for the reporting <br /> <br />(5) state the book value and market value of each <br />separately invested asset at the beginning and end of the reporting <br />