1-1 By: Armbrister S.B. No. 325
1-2 (In the Senate - Filed January 28, 1997; February 3, 1997,
1-3 read first time and referred to Committee on Intergovernmental
1-4 Relations; February 13, 1997, reported favorably by the following
1-5 vote: Yeas 8, Nays 3; February 13, 1997, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to investments by the boards of trustees of local
1-9 retirement systems for firefighters.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subsection (a), Section 27, Texas Local Fire
1-12 Fighters Retirement Act (Article 6243e, Vernon's Texas Civil
1-13 Statutes), is amended to read as follows:
1-14 (a) A board of trustees established under this Act shall
1-15 keep a sufficient amount of cash on hand to make payments as they
1-16 become due under the retirement system. If a board determines that
1-17 the fund of its retirement system contains an amount in excess of
1-18 the amount needed to make payments as they become due, the board
1-19 may invest any portion of the excess [in:]
1-20 [(1) bonds or other interest-bearing obligations and
1-21 securities of the United States, the state, or a political
1-22 subdivision of the state;]
1-23 [(2) shares and share accounts of savings and loan
1-24 associations to the extent that the shares and share accounts are
1-25 insured by the Federal Savings and Loan Insurance Corporation;]
1-26 [(3) first-lien real estate mortgage securities
1-27 insured by the Federal Housing Administration;]
1-28 [(4) bonds of companies incorporated within the United
1-29 States;]
1-30 [(5) common and preferred stocks of companies
1-31 incorporated within the United States that, unless the stocks are
1-32 bank or insurance stocks, are listed on an exchange registered with
1-33 the Securities and Exchange Commission or its successor;]
1-34 [(6) guaranteed investment contracts offered by
1-35 insurance companies;]
1-36 [(7) money market funds;]
1-37 [(8) mutual funds and other pooled funds;]
1-38 [(9) international stocks traded as American
1-39 depository receipts; and]
1-40 [(10) over-the-counter stocks].
1-41 SECTION 2. The importance of this legislation and the
1-42 crowded condition of the calendars in both houses create an
1-43 emergency and an imperative public necessity that the
1-44 constitutional rule requiring bills to be read on three several
1-45 days in each house be suspended, and this rule is hereby suspended,
1-46 and that this Act take effect and be in force from and after its
1-47 passage, and it is so enacted.
1-48 * * * * *