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<br />I <br /> <br />I <br /> <br />I <br /> <br />result of the review shall be reported to the governing body by that auditor. <br /> <br />Sec. 2256.024 Subchapter Cumulative <br />(a) The authority granted by this subchapter is in addition to that granted by other law. <br />Except as provided by Subsection (b), this subchapter does not: <br />(1) prohibit an investment specifically authorized by other law; or <br />(2) authorize an investment specifically prohibited by other law. <br /> <br />(b) Except with respect to those investing entities described in Subsection (c), a security <br />described in Section 2256.009(b) is not an authorized investment for a state agency, a local <br />government, or another investing entity, notwithstanding any other provision of this chapter <br />or other law to the contrary. <br /> <br />(c) Mortgage pass through certificates and individual mortgage loans that may constitute an <br />investment described in Section 2256.009(b) are authorized investments with respect to the <br />housing bond programs operated by: <br />(1) the Texas Department of Housing and Community Affairs or a nonprofit <br />corporation created to act on its behalf; <br />(2) an entity created under Chapter 392, Local Government Code; or <br />(3) an entity created under Chapter 394, Local Government Code. <br /> <br />Sec. 2256.025 Selection of Authorized Brokers <br />The governing body of an entity subject to this subchapter or the designated investment committee of <br />the entity shall, at least annually, review, revise, and adopt a list of qualified brokers that are <br />authorized to engage in investment transactions with the entity. <br /> <br />Sec. 2256.026 Statutory Compliance <br />All investments made by entities must comply with this subchapter and all federal, state, and local <br />statutes, rules or regulations. <br /> <br />[SECTION 2256.027-2256.050 Reserved for expansion] <br /> <br />SUBCHAPTER B. MISCELLANEOUS PROVISIONS. <br /> <br />Sec. 2256.051 Electronic Funds Transfer. <br />Any local government may use electronic funds means to transfer or invest all funds <br />collected or controlled by the local government. <br /> <br />Sec. 2256.052 Private Auditor. <br />Notwithstanding any other law, a state agency shall employ a private auditor if authorized by <br />the legislative audit committee either on the committee's initiative or on request of the <br />governing body of the agency. <br /> <br />Sec. 2256.053 Payment of Securities Purchased by State. <br />The comptroller or the disbursing officer of an agency that has the power to invest assets <br /> <br />City of San Marcos Investment Policy <br /> <br />Page 33 <br />