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<br />BONDS-COUNTY, MUNICIPAL, ETC.
<br />Title 22
<br />June 16, 1989; Sec. 2(b) amended by Acts 1989, 7lst Leg., ch, 760, f 1, eff. June 16, 1989; See. Sed)
<br />amended by Acts 1989, 71Bt Leg., ch. 760; f 2, eff. June 16, 1989; See. 6 amended by Acts 1989, 71Bt
<br />Leg., ch. 628, f 2, eft. Aug. 28, 1989; Sec. 2(d) amended by Acts 1991, 72nd Leg., ch. 7S2, f 1, eff.
<br />Aug. 26, 1991. ' .
<br />
<br />Historical and Statutory Notes Gaines County solid waste management, in-
<br />Acts 1989, 7lst Leg" ch. 628, f 6 provides: vestments and reinvestments as specified by this
<br />article, see art. 4477-7j, . ,
<br />"This Act takes effect immediately, except Navigation districts, investment of bond pro-
<br />that Subsection (d), Section 2, Public Funds In- ceeds, see V.T.C.A. Water Code, f 60,347.
<br />vestment Act of 1987 (Article 842a-2, Vernon's Political subdivisions group benefits program,
<br />Texas Civil Statutes), as .added by Section 1 of investments, see V.T.C.A. Local Government
<br />this Act, takes effect: (1) immediately with re- Code, fi 172.009,
<br />spect to institutions of higher education; and (2) Public Funds Collateral Act, see, art. 2529d.
<br />only if the consl:jtutional amendment proposed . Texas High-Speed Rail Authority, investment
<br />by the 7Ist Legislature, Regular Session,1989; of funds, see art. 6674v.2, f 20.
<br />[S.J.R. 69J authorizing local governments to in-
<br />vest their funds as provided by law is approved
<br />by the votera with respect to all other entities,
<br />If that amendment is not approved, Subsection
<br />(d) of Section 2 has no effect for entities other
<br />than institutions of higher education."
<br />Acts 1989, 7lst Leg., S.J.R. 59 was approved
<br />by the voters at the Nov. 7, 1989 election, "
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<br />
<br />Art. 8428-2
<br />
<br />Title of Act:
<br />
<br />An Act relating to the investment of public
<br />funds. Acts 1987, 70th Leg., ch. 889. '
<br />
<br />Cross References
<br />
<br />College and university funds, investment ac-
<br />cording to this act, see V.T.C.A. Education Code,
<br />f 51.003(b). ., . .
<br />County funds, investments, see V.T.C.A. Local
<br />Government Code, f 116.112, .
<br />Crime control and prevention districts, boards
<br />may not invest funds otherwise than as specified
<br />by this article or art. 836 or 837, see art. 2370c-
<br />4, fi 6.09.
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<br />Notes of Decisions
<br />Delegation of authority 2
<br />Validity. 1
<br />
<br />1. Validity
<br />Insofar as this article purports to authorize
<br />political corporations and political subdivisions to
<br />invest public funds in bank-oriented money mar-
<br />ket mutual funds or other securities of private
<br />entities, it conflicts with article III, section 52, of
<br />the Texas Constitution. Op.Atty.Gen,1988, No.
<br />JM-976,
<br />
<br />. ,
<br />2. Delegation of authority
<br />The Interlocal Cooperation Act, article
<br />4413(32c), V.T,C.S" does not authorize local
<br />governments to delegate to another entity their
<br />authority to make investments; nor does article
<br />842a-2, V.T.C.S., or article 4413(84c), authorize
<br />such delegation. Op.Atty.Gen.1988, No, JM-932.
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<br />308
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