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<br />mortgage-backed security collateral and pays no principal; <br /> <br /> <br />(2) obligations whose payment represents the principal <br /> <br /> <br />stream of cash flow from the underlying mortgage-backed security <br /> <br /> <br />collateral and bears no interest; <br /> <br /> <br />(3) collateralized mortgage obligations that have a <br /> <br /> <br />stated final maturity date of greater than 10 years; and <br /> <br /> <br />(4) collateralized mortgage obligations the interest <br /> <br /> <br />rate of which is determined by an index that adjusts opposite to <br /> <br /> <br />the changes in a market index. <br /> <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eft. Sept. 1, <br /> <br /> <br />1995; Acts 1999, 76th Leg., ch. 1454, Sec. 7, eff. Sept. 1, 1999; <br /> <br /> <br />Acts 2001, 77th Leg., ch. 558, Sec. 1, eff. Sept. 1, 2001. <br /> <br /> <br />Sec. 2256.010. AUTHORIZED INVESTMENTS: CERTIFICATES OF <br /> <br /> <br />DEPOSIT AND SHARE CERTIFICATES. (a) A certificate of deposit or <br /> <br /> <br />share certificate is an authorized investment under this subchapter <br /> <br /> <br />if the certificate is issued by a depository institution that has <br /> <br /> <br />its main office or a branch office in this state and is: <br /> <br /> <br />(1) guaranteed or insured by the Federal Deposit <br /> <br />Insurance Corporation or its successor or the National Credit Union <br /> <br />Share Insurance Fund or its successor; <br /> <br />(2) secured by obligations that are described by Section <br /> <br />2256.009(a), including mortgage backed securities directly issued <br /> <br />by a federal agency or instrumentality that have a market value of <br /> <br />not less than the principal amount of the certificates, but <br /> <br />Page -19 - <br />