|
House Bill 2706 |
House Author: Capriglione et al. |
|
Effective: 9-1-19 |
Senate Sponsor: Nelson |
House Bill 2706 amends the Public Funds Investment Act, Government Code, to expand the authority of a governmental entity governed by the act to purchase, sell, and invest public funds by authorizing investment in repurchase agreements that are secured by commercial paper and corporate bonds. Among other provisions, the bill includes as an authorized investment commercial paper with a stated maturity of 365 days or fewer from the date of issuance, changes the calculation of yield for an authorized investment through an eligible investment pool, and revises eligibility standards for receiving funds from and investing funds on behalf of an applicable entity. The bill provides for a study conducted by the Texas Education Agency regarding the investment and management of funds by public school districts and open-enrollment charter schools.