By: Smith, Anderson of Dallas H.B. No. 870
(Senate Sponsor - Seliger)
(In the Senate - Received from the House May 4, 2015;
May 5, 2015, read first time and referred to Committee on
Education; May 22, 2015, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 6, Nays 5;
May 22, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR H.B. No. 870 By: Seliger
A BILL TO BE ENTITLED
AN ACT
relating to the investment training requirement for certain local
government financial officers.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2256.008, Government Code, is amended by
amending Subsection (a) and adding Subsection (a-1) to read as
follows:
(a) Except as provided by Subsections (a-1), (b), and (e),
the treasurer, the chief financial officer if the treasurer is not
the chief financial officer, and the investment officer of a local
government shall:
(1) attend at least one training session from an
independent source approved by the governing body of the local
government or a designated investment committee advising the
investment officer as provided for in the investment policy of the
local government and containing at least 10 hours of instruction
relating to the treasurer's or officer's responsibilities under
this subchapter within 12 months after taking office or assuming
duties; and
(2) [except as provided by Subsections (b) and (e),]
attend an investment training session not less than once in a
two-year period that begins on the first day of that local
government's fiscal year and consists of the two consecutive fiscal
years after that date, and receive not less than 10 hours of
instruction relating to investment responsibilities under this
subchapter from an independent source approved by the governing
body of the local government or a designated investment committee
advising the investment officer as provided for in the investment
policy of the local government.
(a-1) In addition to the requirements of Subsection (a)(1),
the treasurer, or the chief financial officer if the treasurer is
not the chief financial officer, and the investment officer of a
school district or a municipality shall attend an investment
training session not less than once in a two-year period that begins
on the first day of the school district's or municipality's fiscal
year and consists of the two consecutive fiscal years after that
date, and receive not less than five hours of instruction relating
to investment responsibilities under this subchapter from an
independent source approved by the governing body of the school
district or municipality, or by a designated investment committee
advising the investment officer as provided for in the investment
policy of the school district or municipality.
SECTION 2. This Act takes effect September 1, 2015.
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