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<br />an independent auditor, and the result of the review shall be <br /> <br /> <br />reported to the governing body by that auditor. <br /> <br /> <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br /> <br /> <br />Amended by Acts 1997, 75th Leg., ch. 1421, Sec. 12, eff. Sept. 1, <br /> <br />1997. <br /> <br />Sec. 2256.024. SUBCHAPTER CUMULATIVE. (a) The authority <br />granted by this subchapter is in addition to that granted by other <br />law. Except as provided by Subsection (b), this subchapter does <br />not: <br /> <br />(1) prohibi t an investment specifically authorized by <br />other law; or <br />(2) authorize an investment specifically prohibited by <br /> <br />other law. <br /> <br />(b) Except with respect to those investing entities described <br /> <br />in Subsection (c), a security described in Section 2256.009(b) is <br /> <br />not an authorized investment for a state agency, a local <br /> <br />government, or another investing entity, notwithstanding any other <br /> <br />provision of this chapter or other law to the contrary. <br /> <br />(c) Mortgage pass-through certificates and individual <br />mortgage loans that may constitute an investment described in <br /> <br />Section 2256.009(b) are authorized investments with respect to the <br /> <br />housing bond programs operated by: <br />(1) the Texas Department of Housing and Community <br /> <br />Affairs or a nonprofit corporation created to act on its behalf; <br /> <br />Page -39 - <br /> <br />-r---"-'.~'" .._.~.,.. <br />