Bill Text: TX HB293 | 2019-2020 | 86th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to investment training requirements for school district financial officers.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2019-06-07 - Effective immediately [HB293 Detail]

Download: Texas-2019-HB293-Comm_Sub.html

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86R3154 SOS-D
By: King of Hemphill, et al. H.B. No. 293

A BILL TO BE ENTITLED
AN ACT
relating to investment training requirements for school district
and municipal financial officers.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2256.008, Government Code, is amended by
amending Subsections (a-1) and (f) and adding Subsection (g) to
read as follows:
(a-1) Except as provided by Subsection (g) [In addition to
the requirements of Subsection (a)(1)], the treasurer, or the chief
financial officer if the treasurer is not the chief financial
officer, and the investment officer of a school district or a
municipality, in addition to the requirements of Subsection (a)(1),
shall attend an investment training session not less than once in a
two-year period that begins on the first day of the school
district's or municipality's fiscal year and consists of the two
consecutive fiscal years after that date, and receive not less than
eight hours of instruction relating to investment responsibilities
under this subchapter from an independent source approved by the
governing body of the school district or municipality, or by a
designated investment committee advising the investment officer as
provided for in the investment policy of the school district or
municipality.
(f) Subsection (a)(2) does not apply to an officer of a
[municipality or] housing authority if the [municipality or]
housing authority:
(1) does not invest [municipal or] housing authority
funds[, as applicable]; or
(2) only deposits those funds in:
(A) interest-bearing deposit accounts; or
(B) certificates of deposit as authorized by
Section 2256.010.
(g) Subsection (a-1) does not apply to the treasurer, chief
financial officer, or investment officer of a school district or
municipality if the district or municipality:
(1) does not invest district or municipal funds, as
applicable; or
(2) only deposits those funds in:
(A) interest-bearing deposit accounts; or
(B) certificates of deposit as authorized by
Section 2256.010.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2019.