Tex. Gov't Code Section 2256.008
Investment Training; Local Governments


(a)

Except as provided by Subsections (a-1), (b), (b-1), (e), and (f), 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)

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)

Except as provided by Subsection (g), 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, in addition to the requirements of Subsection (a)(1), 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 eight 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.

(b)

An investing entity created under authority of Section 52(b), Article III, or Section 59, Article XVI, Texas Constitution, that has contracted with an investment management firm under Section 2256.003 (Authority to Invest Funds; Entities Subject to This Chapter)(b) and has fewer than five full-time employees or an investing entity that has contracted with another investing entity to invest the entity’s funds may satisfy the training requirement provided by Subsection (a)(2) by having an officer of the governing body attend four hours of appropriate instruction 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. The treasurer or chief financial officer of an investing entity created under authority of Section 52(b), Article III, or Section 59, Article XVI, Texas Constitution, and that has fewer than five full-time employees is not required to attend training required by this section unless the person is also the investment officer of the entity.

(b-1)

A housing authority created under Chapter 392 (Housing Authorities Established by Municipalities and Counties), Local Government Code, may satisfy the training requirement provided by Subsection (a)(2) by requiring the following person to attend, in each two-year period that begins on the first day of that housing authority’s fiscal year and consists of the two consecutive fiscal years after that date, at least five hours of appropriate instruction:

(1)

the treasurer, or the chief financial officer if the treasurer is not the chief financial officer, or the investment officer; or

(2)

if the authority does not have an officer described by Subdivision (1), another officer of the authority.

(c)

Training under this section must include education in investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with this chapter.

(d)

Not later than December 31 each year, each individual, association, business, organization, governmental entity, or other person that provides training under this section shall report to the comptroller a list of the governmental entities for which the person provided required training under this section during that calendar year. An individual’s reporting requirements under this subsection are satisfied by a report of the individual’s employer or the sponsoring or organizing entity of a training program or seminar.

(e)

This section does not apply to a district governed by Chapter 36 (Groundwater Conservation Districts) or 49 (Provisions Applicable to All Districts), Water Code.

(f)

Subsection (a)(2) does not apply to an officer of a municipality or housing authority if the municipality or housing authority:

(1)

does not invest municipal or housing authority funds, as applicable; or

(2)

only deposits those funds in:

(A)

interest-bearing deposit accounts; or

(B)

certificates of deposit as authorized by Section 2256.010 (Authorized Investments: Certificates of Deposit and Share Certificates).

(g)

Subsection (a-1) does not apply to the treasurer, chief financial officer, or investment officer of a school district if:

(1)

the district:

(A)

does not invest district funds; or

(B)

only deposits those funds in:
(i)
interest-bearing deposit accounts; or
(ii)
certificates of deposit as authorized by Section 2256.010 (Authorized Investments: Certificates of Deposit and Share Certificates); and

(2)

the treasurer, chief financial officer, or investment officer annually submits to the agency a sworn affidavit identifying the applicable criteria under Subdivision (1) that apply to the district.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1421, Sec. 5, eff. Sept. 1, 1997; Acts 1999, 76th Leg., ch. 1454, Sec. 6, eff. Sept. 1, 1999; Acts 2001, 77th Leg., ch. 69, Sec. 4, eff. May 14, 2001.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1004 (H.B. 2226), Sec. 3, eff. June 17, 2011.
Acts 2015, 84th Leg., R.S., Ch. 222 (H.B. 1148), Sec. 1, eff. September 1, 2015.
Acts 2015, 84th Leg., R.S., Ch. 1248 (H.B. 870), Sec. 1, eff. September 1, 2015.
Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 8.015, eff. September 1, 2017.
Acts 2017, 85th Leg., R.S., Ch. 1000 (H.B. 1238), Sec. 1, eff. September 1, 2017.
Acts 2017, 85th Leg., R.S., Ch. 1000 (H.B. 1238), Sec. 2, eff. September 1, 2017.
Acts 2019, 86th Leg., R.S., Ch. 477 (H.B. 293), Sec. 1, eff. June 7, 2019.

Source: Section 2256.008 — Investment Training; Local Governments, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­2256.­htm#2256.­008 (accessed Jun. 5, 2024).

2256.001
Short Title
2256.002
Definitions
2256.003
Authority to Invest Funds
2256.004
Applicability
2256.005
Investment Policies
2256.006
Standard of Care
2256.007
Investment Training
2256.008
Investment Training
2256.009
Authorized Investments: Obligations Of, or Guaranteed by Governmental Entities
2256.010
Authorized Investments: Certificates of Deposit and Share Certificates
2256.011
Authorized Investments: Repurchase Agreements
2256.012
Authorized Investments: Banker’s Acceptances
2256.013
Authorized Investments: Commercial Paper
2256.014
Authorized Investments: Mutual Funds
2256.015
Authorized Investments: Guaranteed Investment Contracts
2256.016
Authorized Investments: Investment Pools
2256.017
Existing Investments
2256.019
Rating of Certain Investment Pools
2256.020
Authorized Investments: Institutions of Higher Education
2256.021
Effect of Loss of Required Rating
2256.022
Expansion of Investment Authority
2256.023
Internal Management Reports
2256.024
Subchapter Cumulative
2256.025
Selection of Authorized Brokers
2256.026
Statutory Compliance
2256.051
Electronic Funds Transfer
2256.052
Private Auditor
2256.053
Payment for Securities Purchased by State
2256.054
Delivery of Securities Purchased by State
2256.055
Deposit of Securities Purchased by State
2256.0115
Authorized Investments: Securities Lending Program
2256.0201
Authorized Investments
2256.0202
Authorized Investments: Municipal Funds from Management and Development of Mineral Rights
2256.0203
Authorized Investments: Ports and Navigation Districts
2256.0204
Authorized Investments: Independent School Districts
2256.0205
Authorized Investments
2256.0206
Authorized Investments: Hedging Transactions
2256.0207
Authorized Investments: Public Junior College District Funds from Management and Development of Mineral Rights
2256.0208
Local Government Investment of Bond Proceeds and Pledged Revenue

Accessed:
Jun. 5, 2024

§ 2256.008’s source at texas​.gov