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the laws of the United States or any state, if the short-term <br />obligations of the bank, or of a bank holding company of which the <br />bank is the largest subsidiary, are rated not less than A-1 or P-1 <br />or an equivalent rating by at least one nationally recognized <br />credit rating agency. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. l, eff. Sept. l, <br />1995. <br />Sec. '2256.013. AUTHORIZED INVESTMENTS: COMMERCIAL PAPER. <br />Commercial paper is an authorized investment under this subchapter <br />if the commercial paper: <br />(1) has a stated maturity of 270 days or fewer from the <br />date of its issuance; and <br />(2) is rated not less than A-1 or P-1 or an equivalent <br />rating by at least: <br />(A) two nationally recognized credit rating <br />agencies; or <br />(B) one nationally recognized credit rating agency <br />and is fully secured by an irrevocable letter of credit issued by a <br />bank organized and existing under the laws of the United States or <br />any state. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, <br />1995. <br />Sec. 2256.014. AUTHORIZED INVESTMENTS: MUTUAL FUNDS. (a) A <br />no-load money market mutual fund is an authorized investment under <br />Page -25 - <br />