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A BILL TO BE ENTITLED
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AN ACT
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relating to authorized investments for ports and navigation |
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districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
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amended by adding Section 2256.0203 to read as follows: |
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Sec. 2256.0203. AUTHORIZED INVESTMENTS: PORTS AND |
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NAVIGATION DISTRICTS. (a) In this section, "district" means a |
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navigation district organized under Section 52, Article III, or |
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Section 59, Article XVI, Texas Constitution. |
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(b) In addition to the authorized investments permitted by |
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this subchapter, a port or district may purchase, sell, and invest |
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its funds and funds under its control in negotiable certificates of |
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deposit issued by a bank that has a certificate of deposit rating of |
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at least 1 or the equivalent by a nationally recognized credit |
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rating agency or that is associated with a holding company having a |
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commercial paper rating of at least A-1, P-1, or the equivalent by a |
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nationally recognized credit rating agency. |
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SECTION 2. This Act takes effect September 1, 2011. |