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pal government, school districts, utility districts, specially established govern- <br />mental entities and political subdivisions of various geographic locations, <br />governmental purposes, and sizes. <br />Advisory Board members serve three-year staggered terms at the specific <br />invitation of the Texas State Treasurer. There will be at least 10 members on <br />the Advisory Board. <br />Advisory Board members review and approve TexPool's investment and ac- <br />counting activity, development plans, and fee schedule. They will issue <br />periodic reports to the participants regarding these matters and other issues. <br />The Advisory Board will receive a report from the State Auditor's office <br />following that office's annual review of the Trust Co.'s accounting, manage- <br />ment, and efficiency. <br />The Advisory Board serves without compensation. Expenses to attend <br />meetings of the Board or other travel authorized by the Board will be <br />reimbursed in amounts not to ekceed the limits established for state employee <br />travel. These are normal expenses of TexPool and are included in the Basic <br />Services Fee. <br />LEGAL COUNSEL AND INDEPENDENT ACCOUNTANTS <br />The General Counsel of the Texas State Treasury will serve as the General <br />Counsel to TexPool. TexPool is subject to annual review by the Texas State <br />Auditor's Office. Additionally, the Treasurer may, from time to time, employ <br />other legal, accounting, financial, or other professionals to assist in meeting <br />TexPool's goals and objectives. <br /> <br />-6- <br />