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<br />(5) conforms to the requirements set forth in Sections <br /> <br />2256.016(b) and (c) relating to the eligibility of investment pools <br />to receive and invest funds of investing entities. <br />(c) An entity is not authorized by this section to: <br />(1) invest in the aggregate more than 15 percent of its <br />monthly average fund balance, excluding bond proceeds and reserves <br />and other funds held for debt service, in mutual funds described in <br />Subsection (b); <br /> <br />(2) invest any portion of bond proceeds, reserves and <br /> <br />funds held for debt serVlce, in mutual funds described in <br /> <br />Subsection (b); or <br />(3) invest its funds or funds under its control, <br /> <br />including bond proceeds and reserves and other funds held for debt <br /> <br />service, in anyone mutual fund described in Subsection (a) or (b) <br /> <br />in an amount that exceeds 10 percent of the total assets of the <br />mutual fund. <br /> <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br /> <br /> <br />1995; Acts 1997, 75th Leg., ch. 1421, Sec. 7, eff. Sept. 1, 1997; <br /> <br /> <br />Acts 1999, 76th Leg., ch. 1454, Sec. 8, eff. Sept. 1, 1999. <br /> <br /> <br />Sec. 2256.015. AUTHORIZED INVESTMENTS: GUARANTEED INVESTMENT <br /> <br /> <br />CONTRACTS. (a) A guaranteed investment contract is an authorized <br /> <br /> <br />investment for bond proceeds under this subchapter if the <br /> <br /> <br />guaranteed investment contract: <br /> <br /> <br />(1) has a defined termination date; <br /> <br />Page -27 - <br />