By Armbrister S.B. No. 481
75R4488 GCH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to investment of the volunteer firefighters' relief and
1-3 retirement fund.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 14(b), Texas Statewide Volunteer Fire
1-6 Fighters Retirement Act (Article 6243e.3, Vernon's Texas Civil
1-7 Statutes), is amended to read as follows:
1-8 (b) In making investments of the fund, the commissioner and
1-9 the state board of trustees shall exercise the judgment and care,
1-10 under the circumstances prevailing at the time of the investment,
1-11 that persons of ordinary prudence, discretion, and intelligence
1-12 exercise in the management of their own affairs, not in speculation
1-13 but when making a permanent disposition of their funds, considering
1-14 the probable income from the disposition and the probable safety of
1-15 their capital [The surplus may be invested in:]
1-16 [(1) bonds or other interest-bearing obligations and
1-17 securities issued by governmental entities;]
1-18 [(2) shares or share accounts of savings and loan
1-19 associations insured by the Federal Savings and Loan Insurance
1-20 Corporation;]
1-21 [(3) shares and share accounts of banks insured by the
1-22 Federal Deposit Insurance Corporation;]
1-23 [(4) first lien real estate mortgage securities
1-24 insured by the Federal Housing Administration under the National
2-1 Housing Act, as amended;]
2-2 [(5) investments made by a life insurance company in
2-3 order to effect a group annuity contract;]
2-4 [(6) corporation bonds, preferred stocks, and common
2-5 stocks;]
2-6 [(7) mutual funds; and]
2-7 [(8) international stocks traded as American
2-8 depository receipts].
2-9 SECTION 2. The importance of this legislation and the
2-10 crowded condition of the calendars in both houses create an
2-11 emergency and an imperative public necessity that the
2-12 constitutional rule requiring bills to be read on three several
2-13 days in each house be suspended, and this rule is hereby suspended,
2-14 and that this Act take effect and be in force from and after its
2-15 passage, and it is so enacted.