Texas Water Code 49.1571 – Investment Officer
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(a) Notwithstanding § 2256.005(f), Government Code, the board may contract with a person to act as investment officer of the district.
(b) The investment officer of a district shall:
(1) not later than the first anniversary of the date the officer takes office or assumes the officer’s duties, attend a training session of at least six hours of instruction relating to investment responsibilities under Chapter 2256, Government Code; and
(2) attend at least four hours of additional investment training within each two-year period after the first year.
Terms Used In Texas Water Code 49.1571
- Board: means the governing body of a district. See Texas Water Code 49.001
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Contract: A legal written agreement that becomes binding when signed.
- District: means any district or authority created by authority of either Sections Texas Water Code 49.001
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) Training under this section must be from an independent source approved by:
(1) the board; or
(2) a designated investment committee advising the investment officer.
(d) Training under this section must include education in investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with Chapter 2256, Government Code.
(e) During January of each year, each individual, association, business, organization, governmental entity, or other person that provides training under this section shall report to the comptroller a list of the districts for which the person provided required training under this section during the previous calendar year. An individual’s reporting requirements under this subsection are satisfied by a report of the individual’s employer or the sponsoring or organizing entity of a training program or seminar.