1-1 By: King of Parker (Senate Sponsor - Sibley) H.B. No. 2957 1-2 (In the Senate - Received from the House May 7, 2001; 1-3 May 7, 2001, read first time and referred to Committee on Finance; 1-4 May 11, 2001, reported favorably by the following vote: Yeas 11, 1-5 Nays 0; May 11, 2001, sent to printer.) 1-6 A BILL TO BE ENTITLED 1-7 AN ACT 1-8 relating to authorized investments for certain public money. 1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-10 SECTION 1. Section 2256.009(a), Government Code, is amended 1-11 to read as follows: 1-12 (a) Except as provided by Subsection (b), the following are 1-13 authorized investments under this subchapter: 1-14 (1) obligations, including letters of credit, of the 1-15 United States or its agencies and instrumentalities; 1-16 (2) direct obligations of this state or its agencies 1-17 and instrumentalities; 1-18 (3) collateralized mortgage obligations directly 1-19 issued by a federal agency or instrumentality of the United States, 1-20 the underlying security for which is guaranteed by an agency or 1-21 instrumentality of the United States; 1-22 (4) other obligations, the principal and interest of 1-23 which are unconditionally guaranteed or insured by, or backed by 1-24 the full faith and credit of, this state or the United States or 1-25 their respective agencies and instrumentalities; 1-26 (5) obligations of states, agencies, counties, cities, 1-27 and other political subdivisions of any state rated as to 1-28 investment quality by a nationally recognized investment rating 1-29 firm not less than A or its equivalent; and 1-30 (6) bonds issued, assumed, or guaranteed by the State 1-31 of Israel. 1-32 SECTION 2. This Act takes effect September 1, 2001. 1-33 * * * * *