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.