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<br />GENERAL GOVERNMENT
<br />Ch. 2256
<br />
<br />deposit. withdraw. .transfer, or manage in any
<br />other mOlnner the funds of the inve:;ting entity.";
<br />in suosec. (h). insened "for any investing enuty
<br />other than for that commission"; in subsec. 0).
<br />substituted "a business orl!JnizOluon offering to
<br />engage in an investment u.:msaction with"wfor
<br />"an entity seeking to sell an investmemto",
<br />inse:1ed "For purposes of this subsection. an
<br />investme:1t officer has a personal business rela.
<br />tionship with a business organization if:", and
<br />added subds. (1) to (3); in subsec. (k), substinlt.
<br />ed "offering to engage in ::m invesnnent tr::msac.
<br />tion with an investing entity" for "seeking to
<br />sell to the entity an authorized investmem",
<br />inserted "Fo'r purposes of this subsection. a
<br />business organization includes investment
<br />pools. Nothing in this subsection relieves the
<br />investing entiry of the responsibility for monitor.
<br />ing the invesunents made by the investing ~mity
<br />to de~e:1I1ine that they are in compliance with
<br />the invesunent policy.", substituted "qualified
<br />represemative" for "registered principal", sub.
<br />stituted "offering to engage in an investmem
<br />transaction with an investinl! emir.... for- "se~k.
<br />ing to sell an authorized in~esune.:1t", inserted
<br />"in a form acceotable to the investin~ entity and
<br />the business organization", substinned :'busi.
<br />ness organization" for "registered principal". in
<br />subd. (I). de!e:ed "thoroughly", in subd. (2),
<br />
<br />92256.006
<br />
<br />insened "business", deleted "imprudent invest-
<br />ment activities arising out of', and insened
<br />"that are not authorized by the entiry's invest.
<br />ment policy; except to the extent that this autho.
<br />riz:lrion is dependent on an analysis of the
<br />makeup of the entiry's entire podolio or re-
<br />quires an interpretation of subjtctive investment
<br />standards"; and in sUDsec. (l), substituted "ac.
<br />quire or othel"\Vise obtain any authorized invest-
<br />ment described in the investment policy of the
<br />investing entity" for "buy any securities", and
<br />substituted "the instr..unem required" for "an
<br />insrrume:1t in substantially the form provided",
<br />
<br />For application provisions of Acts 199i, iSth
<br />Leg., cll. 1421, see notes following V.T.C.A..
<br />Gove:nme:1t Code 9 2256.002.
<br />
<br />Prior Laws:
<br />
<br />Ac';S 19i9, 66th leg.. p. 20i!, ch. 810.
<br />Ac:.s 198i, iOth Leg., ch, 889.
<br />Ac:s 1989. ilst Leg.. en. 623, 9 2.
<br />A. 1089 -1 L . '9~ ~ , ..
<br />c:.s _ ,I st eg.. cn. 0 ". ~ _, ".
<br />Ve:-non's Ann.CiV.SL ar-.5. 8423,-2. 9 5;
<br />4413(3~c). ~g 2(2.), (hi, 3(20). (b).
<br />Acts 1993. i3rd Leg.. ch. 268. S 1.
<br />V.T.C.A" Governme:1t Code g~ 2256.004,
<br />,,~. O~, 2'-' 00-' 'i~' O-~
<br />__':0. ~_. _':0. :-t, __~O. ::.:.
<br />
<br />Notes of Decisions
<br />
<br />sure: to invest those rl.!..1ds in accordance with
<br />Public Funds Invest::lem Act. Op.Arry.Ge:1.
<br />1992, No. DM-96.
<br />
<br />, Person responsible 1
<br />
<br />1. Person responsible
<br />Commissioners coun may desilffiate which
<br />county funds are to be invesied and direct tre:l.
<br />
<br />~ 2256.006. Standard of Care
<br />
<br />(a) Investments shall be made with judgment and care, under prevailing
<br />circumstances, . that a person of prudence, discretion, and intelligence would
<br />exercise in the management of the person's own affairs, not for speculation, but
<br />for investment, considering the probable safety of capital and the probable
<br />income to be derived. Investment of funds shall be Q:overned bv the following:
<br />... " ...
<br />
<br />investment objectives, in order of priority:
<br />(1) preservation and safety of principal:
<br />(2) liquidity; and
<br />(3) yield.
<br />
<br />(b) In determining whether an investment officer has exercised prudence
<br />with respect to an investment decision. the derem1ination shall be made taking
<br />into consideration:
<br />(1) the investment of all funds, or funds under the e:lBtv's control. over
<br />"
<br />
<br />which the officer had responsibility rather than a consideration as to the""" ;,.,
<br />prudence of a single investment; and
<br />
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