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2003S0604-1 03/12/03


By:  Van de Putte                                                 S.B. No. 1318


A BILL TO BE ENTITLED

AN ACT

relating to the authorization of securities lending for 
governmental entities.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 2256.011, Government Code, is amended by 
amending the heading and adding Subsection (e) to read as follows:
	Sec. 2256.011.  AUTHORIZED INVESTMENTS:  REPURCHASE AGREEMENTS 
AND SECURITIES LENDING PROGRAM.
	(e)  Securities or investments purchased or held under the 
provisions of this chapter may be loaned to securities dealers or 
financial institutions if the loan is collateralized by cash or 
securities having a market value of at least 100 percent of the 
market value of the securities loaned.

SECTION 2.  This Act takes effect September 1, 2003.