By:  Sibley                                           S.B. No. 1834
                                A BILL TO BE ENTITLED
                                       AN ACT
 1-1     relating to authorized investments for entities subject to the
 1-2     Public Funds Investment Act.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Subsection (a), Section 2256.009, Government
 1-5     Code, is amended to read as follows:
 1-6           (a)  Except as provided by Subsection (b), the following are
 1-7     authorized investments under this subchapter:
 1-8                 (1)  obligations of the United States or its agencies
 1-9     and instrumentalities;
1-10                 (2)  direct obligations of this state or its agencies
1-11     and instrumentalities;
1-12                 (3)  collateralized mortgage obligations directly
1-13     issued by a federal agency or instrumentality of the United States,
1-14     the underlying security for which is guaranteed by an agency or
1-15     instrumentality of the United States;
1-16                 (4)  other obligations, the principal and interest of
1-17     which are unconditionally guaranteed or insured by, or backed by
1-18     the full faith and credit of, this state or the United States or
1-19     their respective agencies and instrumentalities; [and]
1-20                 (5)  obligations of states, agencies, counties, cities,
1-21     and other political subdivisions of any state rated as to
1-22     investment quality by a nationally recognized investment rating
1-23     firm not less than A or its equivalent; and
1-24                 (6)  bonds issued, assumed, or guaranteed by the State
 2-1     of Israel.
 2-2           SECTION 2.  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.