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<br />States €= 124. <br />WESTLAW Topic Nos. 268, 360. <br />C.J.S. Municipal Corporations ~ 1881. <br />C.J.S. States ~ 225. <br /> <br />~ 2256.0 II. Authorized Investments: Reourchase Agreements <br /> <br />(a) A fully collateralized repurchase agreement is an authorized investment under this subchapter if the repurchase <br />agreement: <br /> <br />(1) has a defined termination date; <br /> <br />(2) is secured by obligations described by Section 2256.009(a)(I); and <br /> <br />(3) requires the securities being purchased by the entity to be pledged to the entity. held in the entity's name, and <br />deposited at the time the investment is made with the entity or with a third party selected and approved by the <br />entity; and <br /> <br />(4) is placed through a primary government securities dealer, as defined by the Federal Reserve, or a financial <br />institution doing business in this state. <br /> <br />(b) In this section, "repurchase agreement.. means a simultaneous agreement to buy, hold for a specified time, and <br />sell back at a future date obligations described by Section 2256.009(a)(1), at a market value at the time the funds are <br />disbursed of not less than the principal amount of the funds disbursed. The term includes a direct security repurchase <br />agreement and a reverse security repurchase agreement. <br /> <br />(c) Notwithstanding any other law, the term of any reverse security repurchase agreement may not exceed 90 days <br />after the date the reverse security repurchase agreement is delivered. <br /> <br />(d) Money received by an entity under the terms of a reverse security repurchase agreement shall be used to acquire <br />additional authorized investments, but the term of the authorized investments acquired must mature not later than the <br />expiration date stated in the reverse security repurchase agreement. <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, ~ 1, eff. Sept. 1, 1995. <br /> <br /><General Materials (GM) - References, Annotations, or Tables> <br /> <br />HISTORICAL AND STATUTORY NOTES <br />2000 Main Volume <br /> <br />Section 6 of the 1995 amendatory act provides: <br /> <br />"As provided by Section 1.02, Senate Bill No. 959. [ch. 76] Acts of the 74th Legislature. Regular Session, 1995, <br />this Act controls over Senate Bill No. 959 to the extent of any conflict... <br /> <br />Prior Laws: <br />Acts 1987, 70th Leg., ch. 889. <br />Acts 1989, 71st Leg., ch. 39, ~ 1. <br />Acts 1989, 7IstLeg.,ch.628,~ 1. <br />Acts 1989, 7IstLeg., ch. 693, ~ 4. <br />Acts 1989, 71st Leg., ch. 750, ~ 1. <br />Acts 1993, 73rd Leg., ch. 946, ~ 1. <br />Vernon's Ann.Civ.St. art. 842a-2. ~ 2(a). (c). <br />Acts 1993, 73rd Leg., ch. 268, ~ 1. <br />Acts 1995, 74th Leg., ch. 76, ~ 5.45(b), (f). <br /> <br />Copr. @West2001 No Claim to Orig. U.S. Govt. Works <br />