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.