By Marchant H.B. No. 2995 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to certain public funds investment pools. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Subchapter A, Chapter 2256, Government Code, is 1-5 amended by adding Sections 2256.0142, 2256.0143, and 2256.0144 to 1-6 read as follows: 1-7 Sec. 2256.0142. PORTFOLIO OF CERTAIN INVESTMENT POOLS. The 1-8 portfolio of a public funds investment pool created under Chapter 1-9 791 and managed by a state agency must be market to market daily 1-10 and stabilize, to the extent reasonably possible, at a $1 net asset 1-11 value. If the ratio of the market value of the portfolio divided 1-12 by the book value of the portfolio is less than 0.995 or greater 1-13 than 1.005, portfolio holdings shall be sold as necessary to 1-14 maintain the ratio between 0.995 and 1.005. 1-15 Sec. 2256.0143. ADVISORY BOARD OF CERTAIN INVESTMENT POOLS. 1-16 A public funds investment pool created under Chapter 791 and 1-17 managed by a state agency shall establish an advisory board 1-18 composed of participants in the pool and other persons who do not 1-19 have a business relationship with the pool. A board member must be 1-20 qualified to advise the pool. 1-21 Sec. 2256.0144. RATING OF CERTAIN INVESTMENT POOLS. A 1-22 public funds investment pool created under Chapter 791 and managed 1-23 by a state agency must be rated as "AAA" or better by Standard and 2-1 Poor's rating service or at an equivalent rating by another 2-2 nationally recognized rating service. 2-3 SECTION 2. This Act takes effect September 1, 1995. 2-4 SECTION 3. The importance of this legislation and the 2-5 crowded condition of the calendars in both houses create an 2-6 emergency and an imperative public necessity that the 2-7 constitutional rule requiring bills to be read on three several 2-8 days in each house be suspended, and this rule is hereby suspended.