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<br />e <br /> <br />e <br /> <br />b) is rated not less than A-lor P-l or an equivalent rating by at least; <br /> <br />c) two nationally recognized credit rating agencies; or <br /> <br />d) one nationally recognized credit rating agency and is fully secured by an irrevocable <br />letter of credit issued by a bank organized and existing under the laws of the United <br />States or any state. <br /> <br />F. Mutual Funds <br /> <br />1. A no-load money market mutual fund is an authorized investment under this subchapter <br />if the mutual fund: <br /> <br />a) is registered with and regulated by the Securities and Exchange Commission; <br /> <br />b) provides the investing entity with a prospectus and other information required by the <br />Securities and Exchange Act of 1934 (15 D.S.C. Section 80a-l et seq.); <br /> <br />c) has a dollar-weighted average stated maturity of90 days or fewer; and <br /> <br />d) includes in its investment objectives the maintenance of a stable net asset value of $1 <br />for each share. <br /> <br />2. In addition to a no-load money market mutual fund permitted as an authorized investment <br />in Subsection (a), a no-load mutual fund is an authorized investment under this Section if <br />the mutual fund: <br /> <br />a) is registered with the Securities and Exchange Commission; <br /> <br />b) has an average weighted maturity of less than two years; <br /> <br />c) is invested exclusively in obligations approved by this subchapter; <br /> <br />d) is continuously rated as to investment quality by at least one nationally recogt)ized <br />investment rating firm of not less than AAA or it equivalent; and <br /> <br />e) conforms to the requirements set forth in Sections 2256.016 (b) and (c) relating to the <br />eligibility of investment pools to receive and invest funds of investing entities. <br /> <br />3. An entity is not authorized by this section to: <br /> <br />a) invest in the aggregate more than 15 percent of its monthly average fund balance, <br />excluding bond proceeds and reserves in other funds held for debt service, in mutual <br />funds described in Snbsection (b); <br /> <br />b) invest any portion of bond proceeds, reserves and funds held for debt service, in <br />mutual funds described in Subsection (b); or <br /> <br />c) invest its funds or funds under its control, including bond proceeds and reserves and <br />other funds held for debt service, in anyone mutual fund described in Subsection (a) <br />or (b) in an amount that exceeds 10 percent of the total assets of the mutual fund. <br /> <br />7 <br />