Laserfiche WebLink
fund of a state agency or local government that is not invested in a <br />pooled fund group. <br />(13) "State agency" means an office, department, <br />commission, board, or other agency that is part of any branch of <br />state government, an institution of higher education, and any <br />nonprofit corporation acting on behalf of any of those entities. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br />1995; Acts 1997, 75th Leg., ch. 1421, Sec. 1, eff. Sept. 1, 1997; <br />Acts 1999, 76th Leg., ch. 1454, Sec. 1, eff. Sept. 1, 1999. <br />Sec. 2256.003. AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT <br />TO THIS CHAPTER. (a) Each governing body of the following <br />entities may purchase, sell, and invest its funds and funds under <br />its control in investments authorized under this subchapter in <br />compliance with investment policies approved by the governing body <br />and according to the standard of care prescribed by Section <br />2256.006: <br />(1) a local government; <br />(2) a state agency; <br />(3) a nonprofit corporation acting on behalf of a <br />local government or a state agency; or <br />(4) an investment pool acting on behalf of two or more <br />local governments, state agencies, or a combination of those <br />entities. <br />(b) In the exercise of its powers under Subsection (a), the <br />governing body of an investing entity may contract with an <br />investment management firm registered under the Investment <br />Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.) or with the <br />State Securities Board to provide for the investment and management <br />of its public funds or other funds under its control. A contract <br />made under authority of this subsection may not be for a term longer <br />than two years. A renewal or extension of the contract must be made <br />by the governing body of the investing entity by order, ordinance, <br />or resolution. <br />(c) This chapter does not prohibit an investing entity or <br />investment officer from using the entity's employees or the <br />services of a contractor of the entity to aid the investment officer <br />3 <br />