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<br />SUBCHAPTER B. MISCELLANEOUS PROVISIONS
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<br />Sec. 2256.051. ELECTRONIC FUNDS TRANSFER. Any local government may use electronic means to
<br />transfer or invest all funds collected or controlled by the local government.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
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<br />Sec. 2256.052. PRIV ATE AUDITOR. Notwithstanding any other law, a state agency shall employ a private
<br />auditor if authorized by the legislative audit committee either on the committee's initiative or on request of the governing
<br />body of the agency.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
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<br />Sec. 2256.053. PAYMENT FOR SECURITIES PURCHASED BY STATE. The comptroller or the disbursing
<br />officer of an agency that has the power to invest assets directly may pay for authorized securities purchased from or
<br />through a member in good standing of the National Association of Securities Dealers or from or through a national or
<br />state bank on receiving an invoice from the seller of the securities showing that the securities have been purchased by the
<br />board or agency and that the amount to be paid for the securities is just, due, and unpaid. A purchase of securities may
<br />not be made at a price that exceeds the existing market value of the securities.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1423, Sec. 8.67, eff.
<br />Sept. 1, 1997.
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<br />Sec. 2256.054. DELIVERY OF SECURITIES PURCHASED BY STATE. A security purchased under this
<br />chapter may be delivered to the comptroller, a bank, or the board or agency investing its funds. The delivery shall be
<br />made under normal and recognized practices in the securities and banking industries, including the book entry procedure
<br />of the Federal Reserve Bank.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1423, Sec. 8.68, eff.
<br />Sept. 1, 1997.
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<br />Sec. 2256.055. DEPOSIT OF SECURITIES PURCHASED BY STATE. At the direction of the comptroller or
<br />the agency, a security purchased under this chapter may be deposited in trust with a bank or federal reserve bank or
<br />branch designated by the comptroller, whether in or outside the state. The deposit shall be held in the entity's name as
<br />evidenced by a trust receipt of the bank with which the securities are deposited.
<br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; Acts 1997, 75th Leg., ch. 1423, Sec. 8.69, eff.
<br />Sept. 1, 1997
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<br />City of San Marcos Investment Policy
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