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

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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
 
 
  By: King of Hemphill, et al. H.B. No. 293
        (Senate Sponsor - Seliger)
         (In the Senate - Received from the House April 8, 2019;
  April 24, 2019, read first time and referred to Committee on
  Intergovernmental Relations; May 9, 2019, reported adversely, with
  favorable Committee Substitute by the following vote:  Yeas 6,
  Nays 0; May 9, 2019, sent to printer.)
Click here to see the committee vote
 
  COMMITTEE SUBSTITUTE FOR H.B. No. 293 By:  Alvarado
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to investment training requirements for school district
  financial officers.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2256.008, Government Code, is amended by
  amending Subsection (a-1) 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.
         (g)  Subsection (a-1) does not apply to the treasurer, chief
  financial officer, or investment officer of a school district if:
               (1)  the district:
                     (A)  does not invest district funds; or
                     (B)  only deposits those funds in:
                           (i)  interest-bearing deposit accounts; or
                           (ii)  certificates of deposit as authorized
  by Section 2256.010; and
               (2)  the treasurer, chief financial officer, or
  investment officer annually submits to the agency a sworn affidavit
  identifying the applicable criteria under Subdivision (1) that
  apply to the district.
         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.
 
  * * * * *
feedback