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Page 12 of 37 <br />investment responsibilities under this subchapter from an independent <br />source approved by the governing body of the school district or <br />municipality, or by a designated investment committee advising the <br />investment officer as provided for in the investment policy of the <br />school district or municipality. <br />(b) An investing entity created under authority of Section 52 <br />(b), Article III, or Section 59, Article XVI, Texas Constitution, <br />that has contracted with an investment management firm under Section <br />2256.003(b) and has fewer than five full-time employees or an <br />investing entity that has contracted with another investing entity to <br />invest the entity's funds may satisfy the training requirement <br />provided by Subsection (a)(2) by having an officer of the governing <br />body attend four hours of appropriate instruction in a two-year <br />period that begins on the first day of that local government's fiscal <br />year and consists of the two consecutive fiscal years after that <br />date. The treasurer or chief financial officer of an investing <br />entity created under authority of Section 52(b), Article III, or <br />Section 59, Article XVI, Texas Constitution, and that has fewer than <br />five full-time employees is not required to attend training required <br />by this section unless the person is also the investment officer of <br />the entity. <br />(b-1) A housing authority created under Chapter 392, Local <br />Government Code, may satisfy the training requirement provided by <br />Subsection (a)(2) by requiring the following person to attend, in <br />each two-year period that begins on the first day of that housing <br />authority's fiscal year and consists of the two consecutive fiscal <br />years after that date, at least five hours of appropriate <br />instruction: <br />(1) the treasurer, or the chief financial officer if the <br />treasurer is not the chief financial officer, or the investment <br />officer; or <br />(2) if the authority does not have an officer described by <br />Subdivision (1), another officer of the authority. <br />(c) Training under this section must include education in <br />investment controls, security risks, strategy risks, market risks, <br />diversification of investment portfolio, and compliance with this <br />chapter. <br />4/18/2018 <br />