By Sibley S.B. No. 1834
76R7589 GCH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to authorized investments for entities subject to the
1-3 Public Funds Investment Act.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2256.009(a), Government Code, is amended
1-6 to read as follows:
1-7 (a) Except as provided by Subsection (b), the following are
1-8 authorized investments under this subchapter:
1-9 (1) obligations of the United States or its agencies
1-10 and instrumentalities;
1-11 (2) direct obligations of this state or its agencies
1-12 and instrumentalities;
1-13 (3) collateralized mortgage obligations directly
1-14 issued by a federal agency or instrumentality of the United States,
1-15 the underlying security for which is guaranteed by an agency or
1-16 instrumentality of the United States;
1-17 (4) other obligations, the principal and interest of
1-18 which are unconditionally guaranteed or insured by, or backed by
1-19 the full faith and credit of, this state or the United States or
1-20 their respective agencies and instrumentalities; [and]
1-21 (5) obligations of states, agencies, counties, cities,
1-22 and other political subdivisions of any state rated as to
1-23 investment quality by a nationally recognized investment rating
1-24 firm not less than A or its equivalent; and
2-1 (6) bonds issued, assumed, or guaranteed by the State
2-2 of Israel.
2-3 SECTION 2. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended,
2-8 and that this Act take effect and be in force from and after its
2-9 passage, and it is so enacted.