Res 1989-003 - Laserfiche WebLink

Home Browse Search

BONDS-COUNTY, MUNICIPAL. ETC. Title 22 state in addition to those banks, if any, that are located within the boundaries of the city, town, public sc::hool district,. county, or counties. (c) A county must attempt to solicit bids initially from banks located within its boundaries. If there are not three banks. available for the investments within the county, the county may solicit bids. from any bank within the state in addition to those banks, if any, that are located within the boundaries of the county. (d) An institution of higher education as de!med by Section 61.003 of the Education Code must solicit bids from at least three banks located within the state. (e) A nonprofit corporation acting on behalf of an incorporated city or town, a county, a public school district, or an institution of higher education as defined by Section 61.003 of the Education Code shall fol1ow the procedures identified in Subsection (b), (c), or (d) of this section, as applicable to the entity on behalf of which the nonprofit corporation is acting. (f) If a bank has notified a governmental entity or nonprofit corporation that it is unable or unwilling to bid for investments under Section 2(b) of this Act, the governmen- tal entity or nonprofit corporation that receives the notification may presume that the bank is unable or unwilling to bid for the investments until the bank notifies the governmental entity or nonprofit corporation otherwise in writing. Standard of Care Sec. 4. Investments shall be made with judgment and care, under circumstances then prevailing, that persons of prudence, discretion, and intelligence exercise in the manage- ment of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Written Policies See:. 5. Investments shall be made in accordance with written policies approved by the governing body. The investment policies must address liquidity, diversification, safety of principal, yield, maturity, and quality and capability of investment management, with primary emphasis on safety and liquidity. Art. 842a-2 Nonapplicatlon to Retirement Fund. Sec. 6. This Act does not apply to the investment of funds under the control of a public retirement system, as defined by Section 12.001(2), Title 110B, Revised Statutes. Authority is Additional Sec. 7. The authority granted by this Act is in addition to' that granted by other law. Acts 1987, 70th Leg., clIo 889, §§ 1 to 7, eff. Aug. 31; 1987. Title of Act: Cross References th COllege and university funds, investment ac- An Act relating to e investment of public cording to this act, see V.T.C.A. Educ:a.tion COde, funds. Acts 1987, 70th Leg., c:h. 889. § 51.003(b). 243 10