1-1 By: Sibley S.B. No. 1834
1-2 (In the Senate - Filed March 24, 1999; March 25, 1999, read
1-3 first time and referred to Committee on State Affairs;
1-4 April 28, 1999, reported favorably by the following vote: Yeas 8,
1-5 Nays 0; April 28, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to authorized investments for entities subject to the
1-9 Public Funds Investment Act.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subsection (a), Section 2256.009, Government
1-12 Code, is amended to read as follows:
1-13 (a) Except as provided by Subsection (b), the following are
1-14 authorized investments under this subchapter:
1-15 (1) obligations of the United States or its agencies
1-16 and instrumentalities;
1-17 (2) direct obligations of this state or its agencies
1-18 and instrumentalities;
1-19 (3) collateralized mortgage obligations directly
1-20 issued by a federal agency or instrumentality of the United States,
1-21 the underlying security for which is guaranteed by an agency or
1-22 instrumentality of the United States;
1-23 (4) other obligations, the principal and interest of
1-24 which are unconditionally guaranteed or insured by, or backed by
1-25 the full faith and credit of, this state or the United States or
1-26 their respective agencies and instrumentalities; [and]
1-27 (5) obligations of states, agencies, counties, cities,
1-28 and other political subdivisions of any state rated as to
1-29 investment quality by a nationally recognized investment rating
1-30 firm not less than A or its equivalent; and
1-31 (6) bonds issued, assumed, or guaranteed by the State
1-32 of Israel.
1-33 SECTION 2. The importance of this legislation and the
1-34 crowded condition of the calendars in both houses create an
1-35 emergency and an imperative public necessity that the
1-36 constitutional rule requiring bills to be read on three several
1-37 days in each house be suspended, and this rule is hereby suspended,
1-38 and that this Act take effect and be in force from and after its
1-39 passage, and it is so enacted.
1-40 * * * * *