Texas Vernon’s Civil Statutes
Sec. § 4.05
Investment Counselor; Qualifications


(a)

The board may employ from time to time an investment counselor to advise the board in the investment and reinvestment of the assets of the fund. Only the following are eligible for employment as an investment counselor:

(1)

any organization whose regular business functions include rendering investment advisory services to pension and retirement funds and that is registered as an "investment adviser" under the Investment Advisers Act of 1940; and

(2)

any bank, as defined in the Investment Advisers Act of 1940, that maintains a trust department and offers investment services to pension and retirement funds.

(b)

The investment counselor shall receive such compensation as may be determined by the board and as authorized by Section 4.01 of this article.

(a-1)

For a member who participates in the fund for the first time after September 30, 2003, and before October 1, 2005, a municipality is not required to pay an amount under Subsection (a) of this section into the fund for the member before the 61st day after the date the member becomes a participant in the fund.

(b)

The payments into the fund by the municipality, both as to deductions and double-matching amounts, shall be made on the same day the contributions are deducted from the members total salary.

(c)

Any donations made to the fund and all amounts received from any source for the fund shall be deposited in the fund at the earliest opportunity.

(d)

The municipalitys double-matching amount under this section is in place of all other payments previously required by law to be made by the municipality.

(e)

The municipal contribution and retirement annuities are a part of the compensation for services rendered to the municipality. This Act is of the essence of the contract of employment and appointment of the fire fighters and police officers of a municipality to which this Act applies.

(b)

The district must exercise the power of eminent domain in the manner provided by Chapter 21, Property Code, but the district is not required to:

(1)

deposit in the trial court money or a bond as provided by Section 21.021(a), Property Code;

(2)

pay in advance or give bond or other security for costs in the trial court;

(3)

give bond for the issuance of a temporary restraining order or a temporary injunction; or

(4)

give bond for costs or supersedeas on an appeal or writ of error.

(c)

If the district, in the exercise of the power of eminent domain, requires relocating, raising, lowering, rerouting, changing the grade, or altering the construction of any railroad, highway, pipeline, or electric transmission and electric distribution, telegraph or telephone lines, conduits, poles or facilities, the district must bear the actual cost of relocating, raising, lowering, rerouting, changing the grade, or altering the construction to provide comparable replacement without enhancement of facilities, after deducting the net salvage value derived from the old facility.
Source
Last accessed
Oct. 14, 2019