1999-003-CHAPTER 2256 OF THE TEXAS GOVERNMENT CODE, PUBLIC FUND INVESTMENT ACT

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~ 2256.017 GENERU GOVER'iiVIEJ\t"T Ch. 2256 (I) equally of panicipams in the pool and other persons who do not have a business relationship with the pool and are qualified to advise the pool. for a public funds investment pool created under Chapter 791 and managed by a state agency; or I (2) of particip<U1ts in the pool and other persons who do not have a business relationship with the pool and are qualified to advise the pool. for other investment pools. (h) To maintain eligibility to receive funds from and invest funds on behalf of an entity under this chapter. an invesnnent pool must be continuously rated no lower than AAA or AA!J,,-m or at an equivalent rating by at least one nationally recognized rating service. ....--...~. Amended bv Acts 1995. 74th Le!!.. ch. 402. 9 I. eff. Sept. I. 1995; Acts 1997. 75th Leg.. ch. 1421.9 '9. eff. Sept. I. 1997.- Historical and Statutory Notes Acts 1997. 75th 1e7.. cll. 1421 added subsec.s. Acts 1989. 71st Le2.. ch. 693. ~ 2. 10 '0 (h). - Acts 1993. 73rd L;2.. ch. 946. ~ 1. For application provisions of Acts 1997. 75th Vernon's Ann.Civ.St. c-.s. 842..-2. ~ 3(a) to . Le!!.. ch. 1421. see notes followin2 V.T.C...... (el. (e) to (g); 4413(34c). ~ 6(b). Go~'emme:n Code ~ 2256.002. - Acts 1995. 74th Leg.. c!t. 76. ~ 5.45(e). (0. Acts 1995. 74th Le2.. ch. 402.~ 5. Acts 1993. 73rd Le2.. cn. 268. ~ 1. V.T.C.A.: Gove~ent Code ~9 2256.013. 2256.056. Prior uws: Acts 1979. 66t.1, Leg.. p. 2071. ch. 810. Acts' 1987. 70th Leg.. cll. 889. 9 2256.017. Existing Investments An entity is not required to liquidate investments that were authorized J investments at the time of purchase. Added by Acts 1995. 74th. Leg.. ch. 76. 9 5.46(a). eff. Sept. 1. 1995: Acts 1995. 74th Leg.. ch. 402. 9 1. eff. Sept. 1. 1995. Amended by Acts 1997. 75th Leg.. ch. 1421.9 10. err. Sept. 1. 1997. Historical and Statutory Notes .' Acts 1995. 74th Leg.. ch. 76. ~ 5.46(a); to conform to Acts 1993. 73rd Leg.. c..... 946. ~ I. added ~ 2256.017. That provision did not take effect pursuant to Acts 1995. 74th Leg.. ch. 402. ~ 6. which provides: "As provided by Se<:tion 1.02. Sena,e Bill No. 959. [ch. 761 Acts of the 74th Legislature. Regu. lar S.:ssion. 1995. this Act contrOls over Senate Bill No. 959 to the e:ttent of any conflict:' Acts 1997. 75th Leg.. ch. 1421. in the section he:,ding. substituted "E.,isting Invescne:m" for "Portfolio of Ceruin Invesunem Pools". and rewrote the sec:ion. whic!t previously read: "A public funds invesunent pool cre:ued to func:.ion as :l money market mutual fund must mark iu portfolio io market daily and. to the e:<tellt re:lSonably possible. stabili:ze at a SIDe: asset value. If the ratio of the market value of the portfolio divided by the book value of the po.rtfolio is less than 0.995 or greater th:m 1.005. portfolio holdings shall be sold as neces- sary to maintain the ratio between 0.995 and 1.005:' For application provisions of Acts 1997. 75th Leg.. c!t. 1421. see notes following V.T.C.A.. Government Code !i 22~6.002. . Prior uws: Acts 1993. 73rd Leg.. c!t. 858. ~ I.tVernon's Ann.Civ.St. an. 842a-2. ~ 2(e). 'Acts 1.9-95. 74th Leg.. c!t. 76. ~ 5A6(b). -_~k. --