Amend HB 2226 (senate committee printing) as follows:

(1)  In SECTION 5 of the bill, in amended Section 2256.010(b)(4), Government Code (page 3, line 1), strike "or" and substitute ",".

(2)  In SECTION 5 of the bill, in amended Section 2256.010(b)(4), Government Code (page 3, line 1), between "Section 2257.041(d)," and "[acts]", insert "or a clearing broker-dealer registered with the Securities and Exchange Commission and operating pursuant to Securities and Exchange Commission Rule 15c3-3 (17 C.F.R. Section 240.15c3-3),".

(2)  Add the following appropriately numbered SECTION to the bill and renumber subsequent SECTIONS of the bill accordingly:

SECTION ____.  Section 2256.011(a), Government Code, is amended to read as follows:

(a)  A fully collateralized repurchase agreement is an authorized investment under this subchapter if the repurchase agreement:

(1)  has a defined termination date;

(2)  is secured by a combination of cash and obligations described by Section 2256.009(a)(1); and

(3)  requires the securities being purchased by the entity or cash held by the entity to be pledged to the entity, held in the entity's name, and deposited at the time the investment is made with the entity or with a third party selected and approved by the entity; and

(4)  is placed through a primary government securities dealer, as defined by the Federal Reserve, or a financial institution doing business in this state.