|
|
|
|
By: Bonnen (Senate Sponsor - Huffman) |
H.B. No. 2346 |
|
(In the Senate - Received from the House April 27, 2011; |
|
May 3, 2011, read first time and referred to Committee on |
|
Transportation and Homeland Security; May 20, 2011, reported |
|
favorably by the following vote: Yeas 9, Nays 0; May 20, 2011, sent |
|
to printer.) |
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
|
relating to authorized investments for ports and navigation |
|
districts. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
|
amended by adding Section 2256.0203 to read as follows: |
|
Sec. 2256.0203. AUTHORIZED INVESTMENTS: PORTS AND |
|
NAVIGATION DISTRICTS. (a) In this section, "district" means a |
|
navigation district organized under Section 52, Article III, or |
|
Section 59, Article XVI, Texas Constitution. |
|
(b) In addition to the authorized investments permitted by |
|
this subchapter, a port or district may purchase, sell, and invest |
|
its funds and funds under its control in negotiable certificates of |
|
deposit issued by a bank that has a certificate of deposit rating of |
|
at least 1 or the equivalent by a nationally recognized credit |
|
rating agency or that is associated with a holding company having a |
|
commercial paper rating of at least A-1, P-1, or the equivalent by a |
|
nationally recognized credit rating agency. |
|
SECTION 2. This Act takes effect September 1, 2011. |
|
|
|
* * * * * |