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A BILL TO BE ENTITLED
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AN ACT
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relating to the operation of the Texas Windstorm Insurance |
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Association. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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Section 1. Section 2210.605, Insurance Code, is amended to |
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read as follows: |
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Sec. 2210.605. TERMS OF ISSUANCE. |
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(a) The board shall determine the method of sale, type and |
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form of public security, maximum interest rates, and other terms of |
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the public securities that, in the board's judgment, best achieve |
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the goals of the association and effect the borrowing at the lowest |
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practicable cost. The board may enter into a credit agreement in |
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connection with the public securities. |
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(b) Public securities must be issued by the board on behalf |
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of the association. |
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(c) Public securities issued under Section 2210.612 are |
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eligible obligations under Section 404.027, Government Code. |
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Section 2. This Act takes effect immediately if it receives a |
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vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect [September 1, 2013] [(stated date), 2013] [on the |
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91st day after the last day of the legislative session]. |