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financial officer, and the investment officer of a local government <br />shall: <br />(1) attend at least one training session from an <br />independent source approved by the governing body of the local <br />government or a designated investment committee advising the <br />investment officer as provided for in the investment policy of the <br />local government and containing at least 10 hours of instruction <br />relating to the treasurer's or officer's responsibilities under <br />this subchapter within 12 months after taking office or assuming <br />duties; and <br />(2) except as provided by Subsections (b) and (e), <br />attend an investment training session not less than once in a <br />two-year period and receive not less than 10 hours of instruction <br />relating to investment responsibilities under this subchapter from <br />an independent source approved by the governing body of the local <br />government or a designated investment committee advising the <br />investment officer as provided for in the investment policy of the <br />local government. <br />(b) An investing entity created under authority of Section <br />52(b), Article III, or Section 59, Article XVI, Texas Constitution, <br />that has contracted with an investment management firm under <br />Section 2256.003(b) and has fewer than five full-time employees or <br />an investing entity that has contracted with another investing <br />entity to invest the entity's funds may satisfy the training <br />requirement provided by Subsection (a)(2) by having an officer of <br />the governing body attend four hours of appropriate instruction in <br />a two-year period. The treasurer or chief financial officer of an <br />investing entity created under authority of Section 52(b), Article <br />III, or Section 59, Article XVI, Texas Constitution, and that has <br />fewer than five full-time employees is not required to attend <br />training required by this section unless the person is also the <br />investment officer of the entity. <br />(c) Training under this section must include education in <br />investment controls, security risks, strategy risks, market risks, <br />diversification of investment portfolio, and compliance with this <br />chapter. <br />(d) Not later than December 31 each year, each individual, <br />11 <br />~ (2 <br />