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<br />~ 2256.01 r
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<br />G TERNMENT,'CODE' .',
<br />. Title ,,1'0' .' '
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<br />(3) is inve,sted '; exclusively in' obligations described by Sections' 2256.006'
<br />,; through2256.010; and
<br />" ' ,.;. ,....\ .!.'" J,. ". ., '..,.'.. ...
<br />(4) includes in its investment objectives the maintenance of a stable;net
<br />'asset value .of $1 for each share.
<br />
<br />. (b) An entity is not authorized by this section to:
<br />. (1) invest In the aggregate more than 80 percent of its monthly average
<br />fund balance, excluding bond proceeds and reserves and other funds held for
<br />debt service, in mone~ rnarket mutual funds described in Subsection (a); or
<br />,(2) invest its fu~ds or fun'ds under its control, excluding bond proceeds and
<br />f, reserves imd other funds held for debt ,service, in any, one money,.: market
<br />',mutual fund 'in, an arnount that exc'ecds 10 percent of thei:~tal,assetso( the
<br />. ." .'. .,,' '..' . "'. .': .... _..J ',.,
<br />money market rnutual fund. ',;.';c" ,::.,
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<br />, Addedby Acts 1993, 73r~ Leg., ch. 268, S I, eff. Sept. I, 1993..,
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<br />Historical and Statutory, Not~s
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<br />PrlorLaws"",,, ,:/,'" ' Acts 1991. 72nd Leg:, ch. 732,9 1.""-"":"" .'
<br />Acts 1987, 70th Leg.,'ch: 889.,. ,',', Vernon's Ann.Civ.St. art., 842a-2, 9,2(c), (d):
<br />:^,ct~,1989,,71~t;Leg:~',ch.628',9 1. " . '" : ::, :.
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<br />Notes of DeCisions
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<br />invest their funds and funds under their control
<br />in Imitual funds holding only 'adjustable. rate;
<br />mortgages that obligate United States agencies
<br />provided' that, the mutual' fund complies' with,
<br />section 2(d) of the act, and provided, that. .the,
<br />entity invests no more of its money in the mutu-
<br />"al fund than section 2(d) pehnits, Op:Atty:Gen.
<br />1993, No. DM-202. . ,~,,;
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<br />Type of 'securities 1
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<br />. I ~ i ~ ;' ," .: " ~, "
<br />1. Type of securities
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<br />The Public Funds Investment Act, V,T.C.S.
<br />anicle ',842ii-2:' auihoriies 'Cities, counties,' and
<br />certain other public and nonprofit entities to
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<br />~ 225~.012. Authorized Investments: Common Trust Funds
<br />, '
<br />,,(~) A qualified common trust fund is' an authorized investrnent for the local
<br />funds' of ~m'instittttion' cif higher education and for the 'boncFproceeds::and
<br />reserves and other funds held for'debt serVice of a rnunicipality; 'c6t1nty;'school
<br />district, or navigation 'distriCt if the'cothrnon'lrust fund: . .' ,,'~," ',.:;!:/
<br />(l) is owned or administered, by a bank dornicil,~d in this state;
<br />. (2) consists exclusively of assets that are obligations described by Sections,
<br />2256.006 through 2256.010; '" " ,'I .
<br />. _ .: , ' . . ' '. '. ' , ~ " .' ,'. " . , :' I 1
<br />(3)cornplieswiihthe Internal' Revenue Code, of1986and.,applicaqle
<br />federal regulations governing the investrnent of bond proceeds and reserves,
<br />'mid other funds held for debt service;' and .' , .' . ,
<br />. (4) 'rneets the cash ~>jjo\t Teqtii~emenis'and'the "investhie~t ~~:~ds'~ ~fth~'
<br />.;,politicaL,subdivision:orinstitution. ''''''''''''''''. .' ".,. . I' :,.',.',",:;. (, it:: ,
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<br />(b) Inthis section, ,"comrnon trust fund" ihdudes' a"comparable' irii.reMmehfJ,
<br />device:" ';I,()i;,::i:f,n'j'} 'I,""':""; ';":! , ;,",:' . ').:irl::"'r ,',:':'1::\':,'-"( ;,:;, (I) ,
<br />. '\i'\';' .; ,,' . ' ".' ',' ." -) ".,' ,I'
<br />Added;byiACt~:1993,i73rd);'eg!reh.,26B:iSll~ erE: Sept.lli:1'993,"';i,;,iof,.~ ;~L,d(\), :.'
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