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<br />1997. <br /> <br /> <br />Sec. 2256.020. AUTHORIZED INVESTMENTS: INSTITUTIONS OF HIGHER <br /> <br /> <br />EDUCATION. In addition to the authorized investments permitted by <br /> <br /> <br />this subchapter, an institution of higher education may purchase, <br /> <br /> <br />sell, and invest its funds and funds under its control in the <br /> <br /> <br />following: <br /> <br />(1) cash management and fixed income funds sponsored by <br /> <br />organizations exempt from federal income taxation under Section <br /> <br />501(f), Internal Revenue Code of 1986 (26 U.S.C. Section 561(f)); <br /> <br />(2) negotiable certificates of deposit issued by a bank <br /> <br />that has a certificate of deposit rating of at least 1 or the <br /> <br />equivalent by a nationally recognized credit rating agency or that <br /> <br />is associated with a holding company having a commercial paper <br /> <br />rating of at least A-I, P-l, or the equivalent by a nationally <br /> <br />recognized credit rating agency; and <br />(3) corporate bonds, debentures, or similar debt <br /> <br />obligations rated by a nationally recognized investment rating firm <br /> <br />in one of the two highest long-term rating categories, without <br /> <br /> <br />regard to gradations within those categories. <br /> <br /> <br />Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br /> <br /> <br />Sec. 2256.0201. AUTHORIZED INVESTMENTS: MUNICIPAL UTILITY. <br /> <br /> <br />(a) A municipality that owns a municipal electric utility that is <br /> <br /> <br />engaged in the distribution and sale of electric energy or natural <br /> <br /> <br />gas to the public may enter into a hedging contract and related <br /> <br />Page -34 - <br />