(a) The CEO or designee must ensure that funds which are not required for current use are invested with Texas financial institutions or the Central Office investment plan. Earnings on invested funds other than trust funds shall be added to the funds from which earnings are derived. The interest rate and the availability for withdrawal in case of emergency must be considered in making investment selections.
  (1) Texas financial institutions. If the Texas financial institution is insured under state or federal law, the funds may be invested in certificates of deposit or savings accounts. If the investment amount exceeds the limits of state and federal insurance the investment source must pledge additional securities equal to the investment amount.
  (2) Central Office investment program. Central Office offers a short term fund, current interest rate, investment plan for the benefit of all facilities. Funds may be transferred to Central Office, Financial Services in multiples of $2,500 for immediate return upon request. Interest payments are remitted by Central Office, Financial Services at the end of each month.
(b) A register of investments, including individuals' personal funds must be maintained in the office of the CEO or designee, including:
  (1) name of financial institution;
  (2) a description of each investment;
  (3) the amount and date of the investment;
  (4) interest due dates;
  (5) interest paid dates;
  (6) maturity date; and
  (7) reinvestment information.
(c) The CEO or designee must use the register of investments to verify collection of income and principal.

Source Note: The provisions of this §417.28 adopted to be effective April 27, 2003, 28 TexReg 3347