By Armbrister S.B. No. 736
76R6702 SMJ-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the investment of funds of a nonprofit water supply or
1-3 sewer service corporation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. The heading to Section 67.014, Water Code, is
1-6 amended to read as follows:
1-7 Sec. 67.014. DEPOSITORY FOR [OF] FUNDS; PERMITTED
1-8 INVESTMENTS
1-9 SECTION 2. Section 67.014(b), Water Code, is amended to read
1-10 as follows:
1-11 (b) Funds allocated by the board to a sinking fund for
1-12 replacement, amortization of debts, and the payment of interest
1-13 that are not required to be spent in the year in which deposited
1-14 shall be:
1-15 (1) invested in bonds or other evidence of
1-16 indebtedness of the United States;
1-17 (2) placed with the depository in an interest-bearing
1-18 savings account; [or]
1-19 (3) invested in shares or share accounts in a savings
1-20 and loan association insured by the Federal Deposit Insurance
1-21 Corporation; or
1-22 (4) invested in an investment that is authorized under
1-23 Subchapter A, Chapter 2256, Government Code, and by a written
1-24 investment policy approved by the board and that complies with a
2-1 written investment strategy approved by the board.
2-2 SECTION 3. The importance of this legislation and the
2-3 crowded condition of the calendars in both houses create an
2-4 emergency and an imperative public necessity that the
2-5 constitutional rule requiring bills to be read on three several
2-6 days in each house be suspended, and this rule is hereby suspended,
2-7 and that this Act take effect and be in force from and after its
2-8 passage, and it is so enacted.