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Page 2 of 37 <br />(7) "Local government" means a municipality, a county, a <br />school district, a district or authority created under Section 52(b) <br />(1) or (2), Article III, or Section 59, Article XVI, Texas <br />Constitution, a fresh water supply district, a hospital district, and <br />any political subdivision, authority, public corporation, body <br />politic, or instrumentality of the State of Texas, and any nonprofit <br />corporation acting on behalf of any of those entities. <br />(8) "Market value" means the current face or par value of <br />an investment multiplied by the net selling price of the security as <br />quoted by a recognized market pricing source quoted on the valuation <br />date. <br />(9) "Pooled fund group" means an internally created fund <br />of an investing entity in which one or more institutional accounts of <br />the investing entity are invested. <br />(10) "Qualified representative" means a person who holds a <br />position with a business organization, who is authorized to act on <br />behalf of the business organization, and who is one of the following: <br />(A) for a business organization doing business that is <br />regulated by or registered with a securities commission, a person who <br />is registered under the rules of the National Association of <br />Securities Dealers; <br />(B) for a state or federal bank, a savings bank, or a <br />state or federal credit union, a member of the loan committee for the <br />bank or branch of the bank or a person authorized by corporate <br />resolution to act on behalf of and bind the banking institution; <br />(C) for an investment pool, the person authorized by <br />the elected official or board with authority to administer the <br />activities of the investment pool to sign the written instrument on <br />behalf of the investment pool; or <br />(D) for an investment management firm registered under <br />the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.) <br />or, if not subject to registration under that Act, registered with <br />the State Securities Board, a person who is an officer or principal <br />of the investment management firm. <br />(11) "School district" means a public school district. <br />(12) "Separately invested asset" means an account or fund <br />of a state agency or local government that is not invested in a <br />pooled fund group. <br />4/18/2018 <br />