LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session April 3, 1995 TO: Honorable Barry Telford, Chair IN RE: House Bill No. 2459 Committee on Pensions & Investments By: Marchant, House of Representatives Junell, Austin, Texas Greenberg FROM: John Keel, Director In response to your request for a Fiscal Note on House Bill No. 2459 (relating to public funds investment) this office has determined the following: The bill would amend the Public Funds Investment Act and would require that governmental entities adopt a written investment policy regarding the investment of its funds. The investments would be governed by preservation and safety of principal, liquidity, and yield. The investment officer would be required to submit to the governing body of the entity an investment transaction report, at least monthly. The bill would specify authorized investments which are obligations of, or guaranteed by, governmental entities and would detail requirements of such investments. The fiscal implication to the State or units of local government cannot be determined. Source: Texas Public Finance Authority, Bond Review Board LBB Staff: JK, LP, RR