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market accounts or similar accounts, the reports prepared by the investment officers under this section shall be formally reviewed at least annually by an independent auditor, and the result of the review shall be reported to the governing body by that auditor. Sec. 2256.024 Subchapter Cumulative (a) The authority granted by this subchapter is in addition to that granted by other law. Except as provided by Subsection (b), this subchapter does not: (1) prohibit an investment specifically authorized by other law; or (2) authorize an investment specifically prohibited by other law. (b) Except with respect to those investing entities described in Subsection (c), a security described in Section 2256.009(b) is not an authorized investment for a state agency, a local government, or another investing entity, notwithstanding any other provision of this chapter or other law to the contrary. (c) Mortgage pass through certificates and individual mortgage loans that may constitute an investment described in Section 2256.009(b) are authorized investments with respect to the housing bond programs operated by: (1) the Texas Department of Housing and Community Affairs or a nonprofit corporation created to act on its behalf; (2) an entity created under Chapter 392, Local Government Code; or (3) an entity created under Chapter 394, Local Government Code. Sec. 2256.025 Selection of Authorized Brokers The governing body of an entity subject to this subchapter or the designated investment committee of the entity shall, at least annually, review, revise, and adopt a list of qualified brokers that are authorized to engage in investment transactions with the entity. Sec. 2256.026 Statutory Compliance All investments made by entities must comply with this subchapter and all federal, state, and local statutes, rules or regulations. [SECTION 2256.027-2256.050 Reserved for expansion] SUBCHAPTER B. MISCELLANEOUS PROVISIONS. Sec. 2256.051 Electronic Funds Transfer. Any local government may use electronic funds means to transfer or invest all funds collected or controlled by the local government. Sec. 2256.052 Private Auditor. Notwithstanding any other law, a state agency shall employ a private auditor if authorized by the legislative audit committee either on the committee's initiative or on request of the governing body of the agency. Sec. 2256.053 Payment of Securities Purchased by State. The comptroller or the disbursing officer of an agency that has the power to invest assets directly City of San Marcos Investment Policy Page 31