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<br />Art. 842a BONDS-COUNTY, MUNICIPAL, ETC.
<br />TlUe Z2
<br />The provisions of this Act shall be cumulative of all other provisions of the Civil
<br />Statutes of the State of Texas, affecting the investment of funds or moneys by fiduciar.
<br />ies, guardians, administrators, trustees and receivers, building and loan associations,
<br />savings departments of banks, incorporated and doing business under the laws of Texas,
<br />commercial banks; savings banks and trust companies, chartered and doing business
<br />under the laws of Texas, insurance companies of any kind and character, chartered and
<br />transacting business under the laws of Texas, and all corporate creatures, organized and
<br />doing business under the laws of Texas.
<br />It is hereby declared to be the legislative intent to enact a separate provision of this Act
<br />independent of all other provisions, and the fact that any phrase, sentence, or clause of
<br />this Act shall be4eclared unconstitutional, shall in no event affect the validity of any, of
<br />the provisions heteof.
<br />Amended by Acts 1973, 63rd Leg., p. 1252, ch. 455, I 2, eff. June 14, 1973.
<br />112 U.s.c.A. f 1701 It aeq.
<br />J 12 UAC.A. 11724 It aeq.
<br />112 U.s.C.A. I 2001 It .eq. .
<br />
<br />Croll RelerenceI
<br />School Depository Act, securities provided for
<br />by thla article as approved securitiel, see V.T.
<br />e.A. Education Code, I 23.73(4)(B).
<br />
<br />Art. 842a-1. Obligations wholly 'or partly Insured by United States or state, Invest-
<br />ment ml
<br />
<br />Crou References
<br />Certificates of title for motor vehicles, diapoa~
<br />tien and Investment of fees, see art. 6687-1,
<br />f 67(b).
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<br />Art. 842a-2. Public Funds Investment Act
<br />
<br />Short TItle
<br />See. 1. . This Act may be cited as the Public Funds Investment Act of 1987.
<br />
<br />Authorized InTeatments ~;
<br />
<br />Text a/subsec. (a) as amended by 'Xcts'1989, , r1stLeg., ch. i9, gland Acts
<br />1989, nst Leg., ch. G28, g 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 61.093 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 insllred 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 />(6) certificates of deposit issued by state and national banks domiciled in this state that
<br />are:
<br />(A) guaranteed or insured by the Federal Deposit Insurance Corporation, or its succes.
<br />sor; or
<br />(B) secured by obligations that are descn'bed by Subdivisions (1)-(4) of this subsection,
<br />which are intended to include all direct federal agency or instrumentality issued mortgage
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