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<br />(b) A payment by a municipally owned electric or gas utility under a hedging contract or related agreement in <br />relation to fuel supplies or fuel reserves is a fuel expense, and the utility may credit any amounts it receives under <br />the contract or agreement against fuel expenses. <br /> <br />(c) The governing body of a municipally owned electric or gas utility or the body vested with power to manage and <br />operate the municipally owned electric or gas utility may set policy regarding hedging transactions. <br /> <br />(d) In this section, "hedging" means the buying and selling of fuel oil, natural gas, and electric energy futures or <br />options or similar contracts on those commodity futures as a protection against loss due to price fluctuation. <br /> <br />Added by Acts 1999, 76th Leg., ch. 405, ~ 48, eff. Sept. I, 1999. <br /> <br /><General Materials (GM) - References, Annotations, or Tables> <br /> <br />LIBRARY REFERENCES <br />2000 Main Volume <br /> <br />Electricity €=> 1.5. <br />WESTLA W Topic No. 145. <br />C.J.S. Electricity ~ 6. <br /> <br />~ 2256.021. Effect of Loss of Reeuired Rating <br /> <br />An investment that requires a minimum rating under this subchapter does not qualify as an authorized investment <br />during the period the investment does not have the minimum rating. An entity shall take all prudent measures that <br />are consistent with its investment policy to liquidate an investment that does not have the minimum rating. <br /> <br />Added by Acts 1995, 74th Leg., ch. 402, ~ I, eff. Sept. I, 1995. <br /> <br /><General Materials (GM) - References, Annotations, or Tables> <br /> <br />~ 2256.022. Expansion of Investment Authority <br /> <br />Expansion of investment authority granted by this chapter shall require a risk assessment by the state auditor or <br />performed at the direction of the state auditor. <br /> <br />Added by Acts 1995, 74th Leg., ch. 402, ~ I, eff. Sept. I, 1995. <br /> <br /><General Materials (GM) - References, Annotations, or Tables> <br /> <br />~ 2256.023. Internal Management Reports <br /> <br />(a) Not less than quarterly, the investment officer shall prepare and submit to the governing body of the entity a <br />written report of investment transactions for all funds covered by this chapter for the preceding reporting period. <br /> <br />(b) The report must: <br /> <br />(1) describe in detail the investment position of the entity on the date of the report; <br /> <br />(2) be prepared jointly by all investment officers of the entity; <br /> <br />(3) be signed by each investment officer of the entity; <br /> <br />Copt. @West2001 No Claim to Orig. U.S. Govt. Works <br />