|
•
<br />Art. 842a BONDS-COUNTY, MUNICIPAL, ETC.
<br />• Tltle 22
<br />sociations chartered under the laws of Texas or by Federal Savings and Loan Aseo ' -
<br />ti domiciled in Texas, theh such mortgages, bonds, consolidated bonds issued der
<br />the rm Credit Act of 1971, P.L. 92-181, and as thereafter amended, debenture notes,
<br />collate trust certificafeea or other such evidences of indebtedness, "insured counts,"
<br />so issue nd so secured, or so acquired ,or insured, shall be regarded fo lnveatment
<br />purposes by ' surance companies as "Texas Securities," within the mean' g of the laws
<br />of Texas Bove 'ng such investments.
<br />The provisions this Act shall be cumulative of all other pr siona of the Civil
<br />Statutes of the Sta f Texas, affecting the investment of funds moneys by fiduciar-
<br />ies, guardians, adminl ators, trustees and receivers, buildi and loan associations,
<br />savings departments of b ks, incorporated and doing busin a under the laws of Texas,
<br />commercial banks, savings anka and trust companies, artered and doing business
<br />under the laws of Texas, insu nce companies of any d and character, chartered and
<br />transacting business under the 1 s of Texas, and al orporate creatures, organized and
<br />doing business under the laws of
<br />It is hereby declared to be the leg
<br />independent of all other provisions,
<br />this Act shall be declared unconatit
<br />the provisions hereof.
<br />Amended by Acts 1973, 83rd Leg., p. 1;
<br />1 12 U.S.C.A. ¢ 1701 et seq.
<br />=12 U.S.C.A. ¢ 1424 et seq:
<br />~ 12 U.S.C.A. ¢ 2001 et seq.
<br />'to enact a separate provision of this Act'
<br />that any phrase, sentence, or clause of
<br />in no event affect the validity of any of
<br />ch. 465, §~S,~eff. June 14, 1979.
<br />Cross References
<br />School Depository Act, a rides provided for
<br />by this article as approv securities, see V.T.
<br />C,A. Education Code, 3.73(4)(B).
<br />Ark 842a-1. Iigations wholly or partly insured by United States r state, lnveat-
<br />, ment in
<br />Cross Re ences
<br />Cert' cafes of title for motor vehicles, disposi-
<br />tion nd investment of fees, see art. 668?-1, •
<br />§ rol:
<br />---~ Ark 842a-2. Public-Funds Investment Act
<br />.. ~ Short Tltle
<br />Sec. 1. This Act may be cited as the Public Funds Investment Act of 1987.
<br />Authorized Inrestments
<br />• Text of subsec. (a) as amended by Acts 1989, 71st Leg.; ch. J9, § 1 and Acts
<br />1989, 71st Leg., ch. 628, ¢ 1
<br />Sec. 2. (a) An incorporated city or town, a county, a public school district, a district or
<br />authority' created under Article III, Section 52(b)(1) or (2), or Article XVI, Section 59, of
<br />the Texas Constitution, an institution of higher education as defined by Section 61.003 of
<br />the Education Code, a hospital district, a fresh water supply district, or any nonprofit
<br />corporation acting on behalf.of any of those entities may; in accordance with this Act,
<br />purchase, sell, and invest its funds and funds under its control in the following:
<br />(1) obligations of the United States or its agencies and instrumentalities; ' .
<br />(2) direct obligations ~of the State of Texas or its agencies;
<br />(3) other obligations, the principal of and interest on which are unconditionally guaran-
<br />teed or insured by the State of Texas or the. United States or its agencies and instrumen-
<br />talities; .. ~ .. •• • ~ ~ .. ~ • ~
<br />(4) obligations of states, agencies, counties, cities, and other political subdivisions of
<br />any state having. been rated as to investment quality by a nationally recognized invest
<br />ment rating: firm and having • received a rating of not less than A, or its equivalent;
<br />• ~ 304
<br />
|