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<br />(1) attend at least one training session from an independent source approved by the governing body of the local
<br />government or a designated investment committee advising the investment officer as provided for in the investment
<br />policy of the local government and containing at least 10 hours of instruction relating to the treasurer's or officer's
<br />responsibilities under this subchapter within 12 months after taking office or assuming duties; and
<br />
<br />(2) except as provided by Subsection (b), attend an investment training session not less than once in a two-year
<br />period and receive not less than 10 hours of instruction relating to investment responsibilities under this subchapter
<br />from an independent source approved by the governing body of the local government or a designated investment
<br />committee advising the investment officer as provided for in the investment policy of the local government.
<br />
<br />(b) An investing entity created under authority of Section 52(b), Article III, or Section 59, Article XVI, Texas
<br />Constitution, that has contracted with an investment management ftrm under Section 2256.003(b) and has fewer than
<br />ftve full-time employees or an investing entity that has contracted with another investing entity to invest the entity's
<br />funds may satisfy the training requirement provided by Subsection (a)(2) by having an officer of the governing body
<br />attend four hours of appropriate instruction in a two-year period. The treasurer or chief [mancial officer of an
<br />investing entity created under authority of Section 52(b), Article III, or Section 59. Article XVI. Texas Constitution,
<br />and that has fewer than ftve full-time employees is not required to attend training required by this section unless the
<br />person is also the investment officer of the entity.
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<br />(c) Training under this section must include education in investment controls, security risks, strategy risks, market
<br />risks, diversification of investment portfolio, and compliance with this chapter.
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<br />(d) Not later than December 31 each year, each individual, association, business, organization, governmental entity,
<br />or other person that provides training under this section shall report to the comptroller a list of the governmental
<br />entities for which the person provided required training under this section during that calendar year. An individual's
<br />reporting requirements under this subsection are satisfted by a report of the individual's employer or the sponsoring
<br />or organizing entity of a training program or seminar.
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<br />Amended by Acts 1995, 74th Leg., ch. 402, ~ 1, efT. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1421, ~ 5, efT. Sept. 1,
<br />1997; Acts 1999, 76th Leg., ch. 1454, ~ 6, efT. Sept. 1, 1999.
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<br /><General Materials (GM) - References, Annotations, or Tables>
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<br />HISTORICAL AND STATUTORY NOTES
<br />2000 Main Volume
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<br />Section 8 of the 1995 amendatory act provides:
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<br />"Each treasurer, chief [mancial officer, and investment officer who is in office or who has assumed duties on
<br />September 1, 1995, and who would be required by Section 2256.008(a). Government Code, as amended by this Act,
<br />to attend investment training within 12 months after taking office or assuming duties shall attend at least one training
<br />session relating to the person's responsibilities under Chapter 2256, Government Code, that meets the requirements
<br />of that section not later than September 1, 1997."
<br />
<br />Acts 1997, 75th Leg., ch. 1421 in subsec. (a), inserted subdivision designator "(1)", substituted "subchapter" for
<br />"chapter", added subd. (2), and made other nonsubstantive changes.
<br />
<br />For application provisions of Acts 1997, 75th Leg., ch. 1421, see notes following V.T.C.A.. Government Code &
<br />2256.002.
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<br />Acts 1999, 76th Leg., ch. 1454, in subsec. (a), in the introductory paragraph, inserted "Except as provided by
<br />Subsection (b), ", in subd. (1), inserted "from an independent source approved by the governing body of the local
<br />government or a designated investment committee advising the investment officer as provided for in the investment
<br />policy of the local government and containing at least 10 hours of instruction", and in subd. (2), inserted "except as
<br />provided by Subsection (b),"; inserted subsec. (b); relettered former subsec. (b) as subsec. (c) ,and therein inserted
<br />"diversification of investment portfolio,"; and added subsec. (d).
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<br />Copr. @ West 2001 No Claim to Orig. U.S. Govt. Works
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