AN ACT
1-1 relating to investments by the boards of trustees of local
1-2 retirement systems for firefighters.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsection (a), Section 27, Texas Local Fire
1-5 Fighters Retirement Act (Article 6243e, Vernon's Texas Civil
1-6 Statutes), is amended to read as follows:
1-7 (a) A board of trustees established under this Act shall
1-8 keep a sufficient amount of cash on hand to make payments as they
1-9 become due under the retirement system. If a board determines that
1-10 the fund of its retirement system contains an amount in excess of
1-11 the amount needed to make payments as they become due, the board
1-12 may invest any portion of the excess [in:]
1-13 [(1) bonds or other interest-bearing obligations and
1-14 securities of the United States, the state, or a political
1-15 subdivision of the state;]
1-16 [(2) shares and share accounts of savings and loan
1-17 associations to the extent that the shares and share accounts are
1-18 insured by the Federal Savings and Loan Insurance Corporation;]
1-19 [(3) first-lien real estate mortgage securities
1-20 insured by the Federal Housing Administration;]
1-21 [(4) bonds of companies incorporated within the United
1-22 States;]
1-23 [(5) common and preferred stocks of companies
2-1 incorporated within the United States that, unless the stocks are
2-2 bank or insurance stocks, are listed on an exchange registered with
2-3 the Securities and Exchange Commission or its successor;]
2-4 [(6) guaranteed investment contracts offered by
2-5 insurance companies;]
2-6 [(7) money market funds;]
2-7 [(8) mutual funds and other pooled funds;]
2-8 [(9) international stocks traded as American
2-9 depository receipts; and]
2-10 [(10) over-the-counter stocks].
2-11 SECTION 2. The importance of this legislation and the
2-12 crowded condition of the calendars in both houses create an
2-13 emergency and an imperative public necessity that the
2-14 constitutional rule requiring bills to be read on three several
2-15 days in each house be suspended, and this rule is hereby suspended,
2-16 and that this Act take effect and be in force from and after its
2-17 passage, and it is so enacted.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 325 passed the Senate on
February 25, 1997, by the following vote: Yeas 30, Nays 0; and
that the Senate concurred in House amendment on May 27, 1997, by
the following vote: Yeas 31, Nays 0.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 325 passed the House, with
amendment, on April 8, 1997, by the following vote: Yeas 145,
Nays 0, one present not voting.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor