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<br />institution doing business in this state. <br /> <br />(b) <br /> <br />In this section, <br /> <br />"repurchase agreement" means a <br /> <br />simultaneous agreement to buy, hold for a specified time, and sell <br /> <br /> <br />back at a future date obligations described by Section <br /> <br /> <br />2256.009(a) (1), at a market value at the time the funds are <br /> <br /> <br />disbursed of not less than the principal amount of the funds <br /> <br /> <br />disbursed. The term includes a direct security repurchase <br /> <br /> <br />agreement and a reverse security repurchase agreement. <br /> <br />(c) Notwithstanding any other law, the term of any reverse <br /> <br />security repurchase agreement may not exceed 90 days after the date <br /> <br />the reverse security repurchase agreement is delivered. <br /> <br />(d) Money received by an entity under the terms of a reverse <br /> <br />security repurchase agreement shall be used to acquire additional <br /> <br />authorized investments, but the term of the authorized investments <br /> <br />acquired must mature not later than the expiration date stated in <br /> <br />the reverse security repurchase agreement. <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br />1995. <br /> <br />Sec. 2256.0115. AUTHORIZED INVESTMENTS: SECURITIES LENDING <br />PROGRAM. (a) A securities lending program is an authorized <br />investment under this subchapter if it meets the conditions <br />provided by this section. <br />(b) To qualify as an authorized investment under this <br />subchapter: <br /> <br />Page -22 - <br />