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<br />S 2256.009 <br /> <br />GOVER'\:\1EN"T CODE <br />Title 10 <br /> <br />(b) The following are not authorized investments under this section: <br /> <br />(1) obligations whose payment represents the coupon payments on the <br />outstanding principal balance of the underlying mortgage-backed security <br />collateral and pays no principal; <br /> <br />(2) obligations whose payment represents the principal stream of cash flow <br />from the underlying mortgage-backed security collateral and bears no inter- <br />est; <br /> <br />(3) collateralized mortgage obligations that have a stated final maturity <br />W' ..... ... " <br /> <br />date of greater than 10 years; and <br />(4) collateralized mongage obligations the interest rate of which is deter- <br />... ... ... <br /> <br />mined by an index that adjusts opposite to the changes in a market index. <br />lunended bv Acts 1995, i4th Le~., ch. 402, S 1, eff. Seot. 1. 1995. <br />. - . <br /> <br />Historical and Statutory Notes <br /> <br />Section 6 of the 1995 ame:ld:nory act pro. <br />..ides: <br /> <br />"As provided by Section 1.02. Se:late Bill No. . <br />959, [ch. i6] Acts of the 74th Legislature, Regu. <br />l2J' Session, 1995. this ACt controls over Se:late <br />Bill No. 959 to the e:\te:lt of any conllic:." <br /> <br />Acts 1989. i1st Leg.. ch. 628. 9 1. <br />Acts 1989, i1st Leg., ch. 693. S 4. <br />Ac~ 1989. i1st Leg.. en. iSO. 9 1. <br />Acts 1993, i3rd Leg., ch. 9t.6. S 1. <br />V . A C' . S 8 .., ., r.. ., ( ) <br />ernon S r\nn. 1\. t. an. ..._a-_. ~ _ a . <br />Acts 1993. i3rd Lt:g., eh. 268. S 1. <br />Acts 1993. i3rd Leg.. ch. 820. 9 2. <br />ActS] 995. 74th Leg.. ch. 76. S 5.45(a), (f). <br />Acts 1995, i4th Leg.. cn. 402. S 5. <br />V.T.C.A.. Government Code ~ 2256.006. <br /> <br />Prior Laws: <br />ActS 1987, 70th Leg., ch. 889. <br />Acts 1989. 71st Leg., ch. 39. S 1. <br /> <br />S 2256.010. Authorized Investments:.. Certificates of Deposit and Share <br />Certificates <br /> <br />A cenificate of deposit is an authorized investment under this subchapter if <br />the certificate is issued by a state or national bank domiciled in this state, a <br />savings bank domiciled in this state, or a state or federal credit union domiciled <br />in this state and is: <br /> <br />(1) guaranteed or insured by the Federal Deposit Insurance Corporation or <br />its successor or the National Credit Union Share Insurance Fund or its <br />successor; <br /> <br />(2) secured by obligations that are described by Section 2256.009(a), <br />including mortgage backed securities directly issued bv a federal agency or <br />- ... ""'" fI1. ""'" ., <br /> <br />instrumentality that have a market value of not less than the principal <br />amount of the certificates, but excluding those mortgage backed securities of <br />the nature described ,by Section 2256.009(b); or <br /> <br />(3) secured in any other manner and amount provided by law for deposits <br />of the investing entity. <br /> <br />, Amended bv Acts 1995. 74th Le!Z., ch. 32. 9 1. eff. Aori128. 1995; Acts 1995, 74th Leg., <br />ch. 402, S i, eff. Sept. I, 1995;wActs 1997. 75th Leg., ch. 14"1"1, 9 6, en. Sept.!. 1997. ,~."..',I" <br />