| 1 | 1 | | 86R3154 SOS-D |
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| 2 | 2 | | By: Seliger S.B. No. 248 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to investment training requirements for school district |
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| 8 | 8 | | and municipal financial officers. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 2256.008, Government Code, is amended by |
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| 11 | 11 | | amending Subsections (a-1) and (f) and adding Subsection (g) to |
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| 12 | 12 | | read as follows: |
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| 13 | 13 | | (a-1) Except as provided by Subsection (g) [In addition to |
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| 14 | 14 | | the requirements of Subsection (a)(1)], the treasurer, or the chief |
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| 15 | 15 | | financial officer if the treasurer is not the chief financial |
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| 16 | 16 | | officer, and the investment officer of a school district or a |
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| 17 | 17 | | municipality, in addition to the requirements of Subsection (a)(1), |
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| 18 | 18 | | shall attend an investment training session not less than once in a |
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| 19 | 19 | | two-year period that begins on the first day of the school |
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| 20 | 20 | | district's or municipality's fiscal year and consists of the two |
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| 21 | 21 | | consecutive fiscal years after that date, and receive not less than |
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| 22 | 22 | | eight hours of instruction relating to investment responsibilities |
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| 23 | 23 | | under this subchapter from an independent source approved by the |
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| 24 | 24 | | governing body of the school district or municipality, or by a |
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| 25 | 25 | | designated investment committee advising the investment officer as |
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| 26 | 26 | | provided for in the investment policy of the school district or |
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| 27 | 27 | | municipality. |
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| 28 | 28 | | (f) Subsection (a)(2) does not apply to an officer of a |
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| 29 | 29 | | [municipality or] housing authority if the [municipality or] |
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| 30 | 30 | | housing authority: |
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| 31 | 31 | | (1) does not invest [municipal or] housing authority |
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| 32 | 32 | | funds[, as applicable]; or |
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| 33 | 33 | | (2) only deposits those funds in: |
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| 34 | 34 | | (A) interest-bearing deposit accounts; or |
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| 35 | 35 | | (B) certificates of deposit as authorized by |
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| 36 | 36 | | Section 2256.010. |
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| 37 | 37 | | (g) Subsection (a-1) does not apply to the treasurer, chief |
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| 38 | 38 | | financial officer, or investment officer of a school district or |
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| 39 | 39 | | municipality if the district or municipality: |
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| 40 | 40 | | (1) does not invest district or municipal funds, as |
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| 41 | 41 | | applicable; or |
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| 42 | 42 | | (2) only deposits those funds in: |
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| 43 | 43 | | (A) interest-bearing deposit accounts; or |
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| 44 | 44 | | (B) certificates of deposit as authorized by |
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| 45 | 45 | | Section 2256.010. |
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| 46 | 46 | | SECTION 2. This Act takes effect immediately if it receives |
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| 47 | 47 | | a vote of two-thirds of all the members elected to each house, as |
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| 48 | 48 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 49 | 49 | | Act does not receive the vote necessary for immediate effect, this |
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| 50 | 50 | | Act takes effect September 1, 2019. |
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