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<br />either Section 401(k) or 457 of the Internal Revenue Code of 1986 <br /> <br />(26 U.S.C. Section 1 et seq.), as amended. <br /> <br /> <br />(b) This subchapter does not apply to an investment donated <br /> <br /> <br />to an investing entity for a particular purpose or under terms of <br /> <br /> <br />use specified by the donor. <br /> <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br /> <br /> <br />1995; Acts 1997, 75th Leg., ch. 505, Sec. 24, eff. Sept. 1, 1997; <br /> <br /> <br />Acts 1997, 75th Leg., ch. 1421, Sec. 2, eff. Sept. 1, 1997; Acts <br /> <br /> <br />1999, 76th Leg., ch. 62, Sec. 8.21, eff. Sept. 1, 1999; Acts 1999, <br /> <br /> <br />76th Leg., ch. 1454, Sec. 3, eff. Sept. 1, 1999. <br /> <br /> <br />Sec. 2256.005. INVESTMENT POLICIES; INVESTMENT STRATEGIES; <br /> <br /> <br />INVESTMENT OFFICER. (a) The governing body of an investing entity <br /> <br /> <br />shall adopt by rule, order, ordinance, or resolution, as <br /> <br /> <br />appropriate, a written investment policy regarding the investment <br /> <br /> <br />of its funds and funds under its control. <br /> <br /> <br />(b) The investment policies must: <br /> <br /> <br />(1) be written; <br /> <br /> <br />(2) primarily emphasize safety of principal and <br /> <br />liquidity; <br /> <br />(3) address investment diversification, yield, and <br /> <br />maturity and the quality and capability of investment management; <br />and <br /> <br />(4) include: <br />(A) a list of the types of authorized investments <br /> <br />Page -6 - <br />