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<br />investment officer as provided for in the investment policy of the <br />local government and containing at least 10 hours of instruction <br />relating to the treasurer's or officer's responsibilities under <br />this subchapter within 12 months after taking office or assuming <br />duties; and <br /> <br />(2) except as provided by Subsections (b) and (e), <br /> <br />attend an investment training session not less than once in a two- <br /> <br />year period and receive not less than 10 hours of instruction <br /> <br />relating to investment responsibilities under this subchapter from <br /> <br />an independent source approved by the governing body of the local <br /> <br />government or a designated investment committee advising the <br /> <br />investment officer as provided for in the investment policy of the <br /> <br />local government. <br /> <br />(b) An investing entity created under authority of Section <br /> <br />52(b), Article III, or Section 59, Article XVI, Texas Constitution, <br /> <br />that has contracted with an investment management firm under <br /> <br />Section 2256.003(b) and has fewer than five full-time employees or <br /> <br />an investing entity that has contracted with another investing <br /> <br />enti ty to invest the entity's funds may satisfy the training <br /> <br />requirement provided by Subsection (a) (2) by having an officer of <br /> <br />the governing body attend four hours of appropriate instruction in <br /> <br />a two-year period. The treasurer or chief financial officer of an <br /> <br />investing entity created under authority of Section 52(b), Article <br /> <br />III, or Section 59, Article XVI, Texas Constitution, and that has <br /> <br />Page -16 - <br />