Laserfiche WebLink
Chapter 391, Local Government Code, is ineligible to be an <br />investment officer for the commission under Subsection (f) if the <br />officer or employee is an investment officer designated under <br />Subsection (f) for another local government. <br />Text of subsec. (h) as amended by Acts 1997, 75th Leg. , ch. 1421, <br />Sec. 3 <br />(h) An officer or employee of a commission created under <br />Chapter 391, Local Government Code, is ineligible to be designated <br />as an investment officer under Subsection (f) for any investing <br />entity other than for that commission. <br />(i) An investment officer of an entity who has a personal <br />business relationship with a business organization offering to <br />engage in an investment transaction with the entity shall file a <br />statement disclosing that personal business interest. An <br />investment officer who is related within the second degree by <br />affinity or consanguinity, as determined under Chapter 573, to an <br />individual seeking to sell an investment to the investment <br />officer's entity shall file a statement disclosing that <br />relationship. A statement required under this subsection must be <br />filed with the Texas Ethics Commission and the governing body of the <br />entity. For purposes of this subsection, an investment officer has <br />a personal business relationship with a business organization if: <br />(1) the investment officer owns 10 percent or more of <br />the voting stock or shares of the business organization or owns <br />$5,000 or more of the fair market value of the business <br />organization; <br />(2) funds received by the investment officer from the <br />business organization exceed 10 percent of the investment officer's <br />gross income for the previous year; or <br />(3) the investment officer has acquired from the <br />business organization during the previous year investments with a <br />book value of $2,500 or more for the personal account of the <br />investment officer. <br />(j) The governing body of an investing entity may specify in <br />its investment policy that any investment authorized by this <br />7 <br />