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A BILL TO BE ENTITLED
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AN ACT
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relating to investment training requirements for school district |
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and municipal financial officers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2256.008, Government Code, is amended by |
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amending Subsections (a-1) and (f) and adding Subsection (g) to |
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read as follows: |
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(a-1) Except as provided by Subsection (g) [In addition to
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the requirements of Subsection (a)(1)], the treasurer, or the chief |
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financial officer if the treasurer is not the chief financial |
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officer, and the investment officer of a school district or a |
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municipality, in addition to the requirements of Subsection (a)(1), |
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shall attend an investment training session not less than once in a |
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two-year period that begins on the first day of the school |
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district's or municipality's fiscal year and consists of the two |
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consecutive fiscal years after that date, and receive not less than |
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eight hours of instruction relating to investment responsibilities |
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under this subchapter from an independent source approved by the |
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governing body of the school district or municipality, or by a |
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designated investment committee advising the investment officer as |
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provided for in the investment policy of the school district or |
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municipality. |
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(f) Subsection (a)(2) does not apply to an officer of a |
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[municipality or] housing authority if the [municipality or] |
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housing authority: |
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(1) does not invest [municipal or] housing authority |
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funds[, as applicable]; or |
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(2) only deposits those funds in: |
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(A) interest-bearing deposit accounts; or |
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(B) certificates of deposit as authorized by |
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Section 2256.010. |
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(g) Subsection (a-1) does not apply to the treasurer, chief |
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financial officer, or investment officer of a school district or |
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municipality if the district or municipality: |
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(1) does not invest district or municipal funds, as |
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applicable; or |
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(2) only deposits those funds in: |
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(A) interest-bearing deposit accounts; or |
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(B) certificates of deposit as authorized by |
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Section 2256.010. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2019. |