| 5 | 3 | | |
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| 6 | 4 | | |
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| 7 | 5 | | A BILL TO BE ENTITLED |
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| 8 | 6 | | AN ACT |
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| 9 | 7 | | relating to the investment training requirement for certain local |
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| 10 | 8 | | government officers. |
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| 11 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 10 | | SECTION 1. Section 2256.008(a), Government Code, as amended |
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| 13 | 11 | | by Chapters 222 (H.B. 1148) and 1248 (H.B. 870), Acts of the 84th |
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| 14 | 12 | | Legislature, Regular Session, 2015, is reenacted and amended to |
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| 15 | 13 | | read as follows: |
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| 16 | 14 | | (a) Except as provided by Subsections [(a-1),] (b), [and] |
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| 17 | 15 | | (e), and (f), the treasurer, the chief financial officer if the |
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| 18 | 16 | | treasurer is not the chief financial officer, and the investment |
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| 19 | 17 | | officer of a local government shall: |
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| 20 | 18 | | (1) attend at least one training session from an |
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| 21 | 19 | | independent source approved by the governing body of the local |
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| 22 | 20 | | government or a designated investment committee advising the |
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| 23 | 21 | | investment officer as provided for in the investment policy of the |
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| 24 | 22 | | local government and containing at least 10 hours of instruction |
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| 25 | 23 | | relating to the treasurer's or officer's responsibilities under |
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| 26 | 24 | | this subchapter within 12 months after taking office or assuming |
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| 27 | 25 | | duties; and |
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| 28 | 26 | | (2) [except as provided by Subsections (b), (e), and |
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| 29 | 27 | | (f),] attend an investment training session not less than once in a |
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| 30 | 28 | | two-year period that begins on the first day of that local |
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| 31 | 29 | | government's fiscal year and consists of the two consecutive fiscal |
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| 32 | 30 | | years after that date, and receive not less than the following |
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| 33 | 31 | | number of [10] hours of instruction relating to investment |
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| 34 | 32 | | responsibilities under this subchapter from an independent source |
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| 35 | 33 | | approved by the governing body of the local government or a |
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| 36 | 34 | | designated investment committee advising the investment officer as |
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| 37 | 35 | | provided for in the investment policy of the local government: |
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| 38 | 36 | | (A) 10 hours if the officer is the county |
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| 39 | 37 | | treasurer; or |
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| 40 | 38 | | (B) five hours for any other officer to which |
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| 41 | 39 | | this subsection applies. |
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| 42 | 40 | | SECTION 2. Section 2256.008(a-1), Government Code, is |
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| 43 | 41 | | repealed. |
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| 44 | 42 | | SECTION 3. To the extent of any conflict, this Act prevails |
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| 45 | 43 | | over another Act of the 85th Legislature, Regular Session, 2017, |
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| 46 | 44 | | relating to nonsubstantive additions to and corrections in enacted |
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| 47 | 45 | | codes. |
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| 48 | 46 | | SECTION 4. This Act takes effect immediately if it receives |
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| 49 | 47 | | a vote of two-thirds of all the members elected to each house, as |
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| 50 | 48 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 51 | 49 | | Act does not receive the vote necessary for immediate effect, this |
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| 52 | 50 | | Act takes effect September 1, 2017. |
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