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Sec. 2256.021. EFFECT OF LOSS OF REQUIRED RATING. An <br />investment that requires a minimum rating under this subchapter <br />does not qualify as an authorized investment during the period the <br />investment does not have the minimum rating. An entity shall take <br />all prudent measures that are consistent with its investment policy <br />to liquidate an investment that does not have the minimum rating. <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Sec. 2256.022. EXPANSION OF INVESTMENT AUTHORITY. <br />Expansion of investment authority granted by this chapter shall <br />require a risk assessment by the state auditor or performed at the <br />direction of the state auditor, subject to the legislative audit <br />committee's approval of including the review in the audit plan <br />under Section 321.013. <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Amended by Acts 2003, 78th Leg., ch. 785, Sec. 42, eff. Sept. 1, <br />2003. <br />Sec. 2256.023. INTERNAL MANAGEMENT REPORTS. (a) Not less <br />than quarterly, the investment officer shall prepare and submit to <br />the governing body of the entity a written report of investment <br />transactions for all funds covered by this chapter for the <br />preceding reporting period. <br />(b) The report must: <br />(1) describe in detail the investment position of the <br />entity on the date of the report; <br />(2) be prepared jointly by all investment officers of <br />the entity; <br />(3) be signed by each investment officer of the <br />entity; <br />(4) contain a summary statement, prepared in <br />compliance with generally accepted accounting principles, of each <br />pooled fund group that states the: <br />(A) beginning market value for the reporting <br />period; <br />(B) additions and changes to the market value <br />25 <br />