Tex. Gov't Code § 2256.003 · Subchapter A. AUTHORIZED INVESTMENTS FOR GOVERNMENTAL ENTITIES
AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT TO THIS CHAPTER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Each governing body of the following entities may purchase, sell, and invest its funds and funds under its control in investments authorized under this subchapter in compliance with investment policies approved by the governing body and according to the standard of care prescribed by Section 2256.006:
(1) a local government;
(2) a state agency;
(3) a nonprofit corporation acting on behalf of a local government or a state agency; or
(4) an investment pool acting on behalf of two or more local governments, state agencies, or a combination of those entities.
(b) In the exercise of its powers under Subsection (a), the governing body of an investing entity may contract with an investment management firm registered under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.) or with the State Securities Board to provide for the investment and management of its public funds or other funds under its control. A contract made under authority of this subsection may not be for a term longer than two years. A renewal or extension of the contract must be made by the governing body of the investing entity by order, ordinance, or resolution.
(c) This chapter does not prohibit an investing entity or investment officer from using the entity's employees or the services of a contractor of the entity to aid the investment officer in the execution of the officer's duties under this chapter.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., R.S., Ch. 268 (S.B. 248), Sec. 1, eff. September 1, 1993.
Amended by:
Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Acts 1999, 76th Leg., ch. 1454, Sec. 2, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2256.htm
- Text hash
- sha256 76fc8108c47ea411d9a4c66abd738e566e01261f9798254eac4deb62d74eb08d
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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