The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise. (1) Commission--The Texas Transportation Commission. (2) Comptroller--The Comptroller of Public Accounts of the State of Texas. (3) Department--The Texas Department of Transportation. (4) Direct placement investment--The direct sale of securities, generally to institutional investors, with or without the use of brokers or underwriters. (5) Executive director--The executive director of the department. (6) Financial advisor or service provider--A business entity or a person who is not an employee of the department, who acts as a financial advisor, financial consultant, money or investment manager, or broker, or who acts in another capacity to provide services in connection with the management or investment of state funds, and who: (A) may reasonably be expected to receive, directly or indirectly, more than $10,000 in compensation from the department during a fiscal year; or (B) renders investment or funds management advice to the department or the commission. (7) Fiscal year--An accounting period of 12 months that begins on September 1 of each calendar year and ends on August 31 of the following calendar year. (8) State funds--Funds managed or invested by the commission or the department, and not by the comptroller, including bond proceeds held in trust outside the state treasury. |
