Enrolled Bill Summary

            House Bill 2799 amends the Government Code to require the governing body of a state or local government investment entity to adopt a written instrument documenting changes to investment policy or strategies, to require the investment officer of a government entity to follow the prudent person standard, and to expand conflict of interest rules. The act imposes additional training requirements for state agency and local government personnel with investment authority and requires certain municipalities to comply with specific provisions related to bond approval. It revises rating standards for public funds investment pools and requires pools that receive and invest funds on behalf of a government entity to maintain a specified range for the ratio of market to book value of the investment portfolio. House Bill 2799 calls for formal review of quarterly reports prepared by an investment officer if the entity invests in certain investments and requires the governing body of an entity to annually review, revise, and adopt a list of qualified brokers authorized to engage in investment transactions with the entity.