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<br />(8) "Market value" means the current face or par value of an investment multiplied by the <br />net selling price of the security as quoted by a recognized market pricing source <br />quoted on the valuation date. <br /> <br />(9) "Pooled fund group" means an internally created fund of an investing entity in which one <br />or more institutional accounts of the investing entity are invested. <br /> <br />(10) "Qualified representative" means a person who holds a position with· a business <br />organization, who is authorized to act on behalf of the business organization, and who is one <br />of the following: <br />(A) for a business organization doing business that is regulated by or registered with <br />a securities commission, a person who is registered under the rules of 'the <br />National Association of Securities Dealers; <br />(B) for a state or federal bank, a savings bank ora state or federal credit union, a <br />member of the loan committee for the bank or branch of the bank or a person <br />authorized by corporate resolution to act on behalf of and· bind the banking <br />institution; <br />(C) for an investment pool, the person authorized by the elected official or board <br />with <br />authority to administer the activities of the investment pool to sign the written <br />instrument on behalf of the investment pool, or <br />(D) for an investment management firm registered under the Investment Advisers <br />Act of 1940 (IS U.S.C. Section 80b-let seq.) or, ifnotsubjecttoregisuation <br />under that Act, registered with the State Securities Board, a person who is an <br />officer or principal of the investment management firm. <br /> <br />(II) "School district" means a public school district. <br /> <br />(12) "Separately invested asset" means an account or fund of a state agency or local <br />government thatis not invested in a pooled fund group. <br /> <br />(13) "State agency" means an office, department, commission, board, or other agency that is <br />part of any branch of state government, an institution of higher education, and any <br />nonprofit corporation acting on behalf of any of those entities. <br /> <br />Sec. 2256.003 Authority to Invest Funds; Entities Subject to this Chapter <br />(a) Each governing body of the following entities may purchase, sell, and invest its funds and <br />funds under its control in investments authorized under this subchapter in compliance <br />with investment policies approved by the governing body and according to the <br />standard of care prescribed by Section 2256.006: <br />(I) a local government; <br />(2) a state agency; <br />(3) a nonprofit corporation acting on behalfof a local government or a state agency; <br /> <br />or <br /> <br />(4) an investment pool acting on behalf of two or more local governments, state <br /> <br />City of San Marcos Investment Policy <br /> <br />Page 19 <br />