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<br />the authority to hold legal title as custodian of investments <br /> <br />purchased with its local funds. <br />(e) In this section, "yield" shall be calculated in <br />accordance with regulations governing the registration of open-end <br />management investment companies under the Investment Company Act of <br />1940, as promulgated from time to time by the federal Securities <br /> <br />and Exchange Commission. <br /> <br />(f) To be eligible to recelve funds from and invest funds on <br /> <br />behalf of an entity under this chapter, a public funds investment <br /> <br />pool created to function as a money market mutual fund must mark <br /> <br />its portfolio to market daily, and, to the extent reasonably <br /> <br />possible, stabilize at a $1 net asset value. If the ratio of the <br />market value of the portfolio divided by the book value of the <br />portfolio is less than 0.995 or greater than 1.005, portfolio <br />holdings shall be sold as necessary to maintain the ratio between <br /> <br /> <br />0.995 and 1.005. <br /> <br /> <br />(g) To be eligible to recelve funds from and invest funds on <br /> <br /> <br />behalf of an entity under this chapter, a public funds investment <br /> <br /> <br />pool must have an advisory board composed: <br /> <br />(1) equally of participants in the pool and other <br />persons who do not have a business relationship with the pool and <br />are qualified to advise the pool, for a public funds investment <br />pool created under Chapter 791 and managed by a state agency; or <br /> <br />(2) of participants in the pool and other persons who do <br /> <br />Page -32 - <br />