Laserfiche WebLink
its investment policy and investment strategies not less than <br />annually. The governing body shall adopt a written instrument by <br />rule, order, ordinance, or resolution stating that it has reviewed <br />the investment policy and investment strategies and that the <br />written instrument so adopted shall record any changes made to <br />either the investment policy or investment strategies. <br />(f) Each investing entity shall designate, by rule, order, <br />ordinance, or resolution, as appropriate, one or more officers or <br />employees of the state agency, local government, or investment pool <br />as investment officer to be responsible for the investment of its <br />funds consistent with the investment policy adopted by the entity. <br />If the governing body of an investing entity has contracted with <br />another investing entity to invest its funds, the investment <br />officer of the other investing entity is considered to be the <br />investment officer of the first investing entity for purposes of <br />this chapter. Authority granted to a person to invest an entity's <br />funds is effective until rescinded by the investing entity, until <br />the expiration of the officer's term or the termination of the <br />person's employment by the investing entity, or if an investment <br />management firm, until the expiration of the contract with the <br />investing entity. In the administration of the duties of an <br />investment officer, the person designated as investment officer <br />shall exercise the judgment and care, under prevailing <br />circumstances, that a prudent person would exercise in the <br />management of the person's own affairs, but the governing body of <br />the investing entity retains ultimate responsibility as <br />fiduciaries of the assets of the entity. Unless authorized by law, <br />a person may not deposit, withdraw, transfer, or manage in any other <br />manner the funds of the investing entity. <br />(g) Subsection (f) does not apply to a state agency, local <br />government, or investment pool for which an officer of the entity is <br />assigned by law the function of investing its funds. <br />Text of subsec. (h) as amended by Acts 1997, 75th Leg. , ch. 685, <br />Sec. 1 <br />(h) An officer or employee of a commission created under <br />6 <br />