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<br />(b) An investing entity created under authority of Section 52(b), Article 1Il. or Section 59. Article XVi. Texas
<br />Constitution, that has contracted with an investment management firm under Section 2256.003(b) and has fewer
<br />than five full-time employees or an investing entity that has contracted with another investing entity to invest the
<br />entity's funds may satisfy the training requirement provided by Subsection (a)(2) by having an officer of the
<br />governing body attend four hours of appropriate instruction in a two-year period. The treasurer or chief financial
<br />officer of an investing entity created under authority of Section 52(b), Article 1Il, or Section 59, Article XVi. Texas
<br />Constitution, and that has fewer than five full-time employees is not required to attend training required by this
<br />section unless the 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 satisfied 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, ~ I, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1421, ~ 5, eff. Sept. 1,
<br />1997; Acts 1999, 76th Leg., ch. 1454, ~ 6, eff. 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 financial 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
<br />training session relating to the person's responsibilities under Chapter 2256, Government Code, that meets the
<br />requirements of that section not later than September 1, 1997."
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<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.
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<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 />~ 2256.009. Authorized Investments: Obligations of. or Guaranteed bv Governmental Entities
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<br />(a) Except as provided by Subsection (b), the following are authorized investments under this subchapter:
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<br />(1) obligations of the United States or its agencies and instrumentalities;
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<br />(2) direct obligations of this state or its agencies and instrumentalities;
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<br />Copr. @West2001 No Claim to Orig. U.S. Govt. Works
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