Bill Text: TX SB248 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to investment training requirements for school district and municipal financial officers.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2019-02-07 - Referred to Intergovernmental Relations [SB248 Detail]
Download: Texas-2019-SB248-Introduced.html
| 86R3154 SOS-D | ||
| By: Seliger | S.B. No. 248 | |
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| relating to investment training requirements for school district | ||
| and municipal financial officers. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2256.008, Government Code, is amended by | ||
| amending Subsections (a-1) and (f) and adding Subsection (g) to | ||
| read as follows: | ||
| (a-1) Except as provided by Subsection (g) [ |
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| 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. | ||
| (f) Subsection (a)(2) does not apply to an officer of a | ||
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| housing authority: | ||
| (1) does not invest [ |
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| funds[ |
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| (2) only deposits those funds in: | ||
| (A) interest-bearing deposit accounts; or | ||
| (B) certificates of deposit as authorized by | ||
| Section 2256.010. | ||
| (g) Subsection (a-1) does not apply to the treasurer, chief | ||
| financial officer, or investment officer of a school district or | ||
| municipality if the district or municipality: | ||
| (1) does not invest district or municipal 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. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2019. | ||
