(a) If the board contracts for professional investment management services, it also shall enter into an investment custody account agreement designating one or more banks, depository trust companies, or brokerage firms meeting the requirements under Section 802.205(d) of the Texas Government Code, as amended, to serve as custodian for the assets allocated to or generated under the contract.
(b) Under an investment custody account agreement, the board shall require the designated custodian to perform the duties and assume the responsibilities for funds under the contract for which the agreement is established that are performed and assumed, in the absence of a contract, by the custodian of system funds. (Ord. Nos. 21582; 30162)