Laserfiche WebLink
Page 6 of 37 <br />(e) The governing body of an investing entity shall review its <br />investment policy and investment strategies not less than annually. <br />The governing body shall adopt a written instrument by rule, order, <br />ordinance, or resolution stating that it has reviewed the investment <br />policy and investment strategies and that the written instrument so <br />adopted shall record any changes made to either the investment policy <br />or investment strategies. <br />(f) Each investing entity shall designate, by rule, order, <br />ordinance, or resolution, as appropriate, one or more officers or <br />employees of the state agency, local government, or investment pool <br />as investment officer to be responsible for the investment of its <br />funds consistent with the investment policy adopted by the entity. <br />If the governing body of an investing entity has contracted with <br />another investing entity to invest its funds, the investment officer <br />of the other investing entity is considered to be the investment <br />officer of the first investing entity for purposes of this chapter. <br />Authority granted to a person to invest an entity's funds is <br />effective until rescinded by the investing entity, until the <br />expiration of the officer's term or the termination of the person's <br />employment by the investing entity, or if an investment management <br />firm, until the expiration of the contract with the investing entity. <br />In the administration of the duties of an investment officer, the <br />person designated as investment officer shall exercise the judgment <br />and care, under prevailing circumstances, that a prudent person would <br />exercise in the management of the person's own affairs, but the <br />governing body of the investing entity retains ultimate <br />responsibility as fiduciaries of the assets of the entity. Unless <br />authorized by law, a person may not deposit, withdraw, transfer, or <br />manage in any other manner the funds of the investing entity. <br />(g) Subsection (f) does not apply to a state agency, local <br />government, or investment pool for which an officer of the entity is <br />assigned by law the function of investing its funds. <br />Text of subsec. (h) as amended by Acts 1997, 75th Leg., ch. 685, Sec. <br />I <br />4/18/2018 <br />