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<br />and that has fewer than five full-time employees is not required to attend training <br />required by this section unless the person is also the investment officer of the entity. <br />(c) Training under this section must include education in investment controls, security risks, <br />strategy risks, market risks, diversification of investment portfolio, and compliance with <br />this chapter. <br />(d) Not later than December 31 each year, each .individual, association, business, <br />organization, governmental entity, or other person that provides training under this <br />section shall report to the comptroller a list of the governmental entities· for which the <br />person provided required training under this section during that calendar year. An <br />individual's reporting requirements under this subsection are satisfied by a report of the <br />individual's employer or the sponsoring or organizing entity of a training program or <br />semmar. <br />(e) This section does not apply to a district governed by Chapter 36 or 49, Water Code. <br /> <br />Sec. 2256.009 Authorized Investments: Obligations of, or Guaranteed by Governmental Entities. <br />(a) Except as provided by Subsection (b), the following are authorized investment under this <br />subchapter: <br />(1) Obligations, including letters of credit, of the United States or its agencies and <br />instrumentalities; <br />(2) direct obligations of this state or its agencîes and instrumentalities; <br />(3) collateralized mortgage obligations directly issued by a federal agency or <br />instrumentality of the United States, the underlying security for which is <br />guaranteed by an agency or instrumentality of the United States. <br />(4) other obligations, the principal and interest of which are unconditionally <br />guaranteed or insured by; or backed by the full faith and credit of, this state or <br />the United States or their respective agencies and instrumentalities; and <br />(5) . obligations of states, agencies, counties, cities, and other political subdivisions of <br />any state rated as to investment quality by a nationally recognized investment <br />rating firm not less than A or its equivalent and <br />(6). bonds issued, assumed, or guaranteed by the State of Israel. <br />(b) The following are not authorized investments under this section: <br />(1) obligations whose payment represents the coupon payments on the outstanding <br />principal balance of the underlying mortgage-backed security collateral and pays no <br />principal; <br />(2) obligations whose payment represents the principal stream of cash flow from the <br />underlying mortgage-backed security collateral and bears·no interest;· <br />(3) collateralized mortgage obligations that have a stated final maturity date of <br />greater than 10 years; and <br />(4) collateralized mortgage obligations the interest rate of which is determined by an <br />index that adjusts opposite to the changes in a market index. <br /> <br />Sec. 2256.010 Authorized Investments: Certificates of Deposit. <br />A certificate of deposit is an authorized investment under this subchapter if the certificate of deposit <br />is issued by a state or national bank domiciled in this state or a savings bank domiciled in this state, <br />or state or federal credit union domiciled in this state and is: <br /> <br />City of San Marcos Investment Policy <br /> <br />Page 25 <br />