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<br />Commercial paper is an authorized investment under this subchapter if the commercial paper: <br /> <br />(I) has a stated maturity of 270 days or fewer from the date of its issuance; and <br /> <br />(2) is rated not less than A-lor P-I or an equivalent rating by at least: <br /> <br />(A) two nationally recognized credit rating agencies; or <br /> <br />(B) one nationally recognized credit rating agency and is fully secured by an irrevocable letter of credit issued by <br />a bank organized and existing under the laws of the United States or any state. <br /> <br />Amended by Acts 1995, 74th Leg., ch. 402, ~ I, eff. Sept. I, 1995. <br /> <br /><General Materials (GM) - References, Annotations, or Tables> <br /> <br />HISTORICAL AND STATUTORY NOTES <br />2000 Main Volume <br /> <br />Prior Laws: <br />Acts 1987, 70th Leg., ch. 889. <br />Acts 1989. 71st Leg., ch. 39, ~ 1. <br />Acts 1989, 71st Leg., ch. 628, ~ 1. <br />Acts 1989, 71st Leg., ch. 693, ~ 4. <br />Acts 1989, 71st Leg., ch. 750, ~ I. <br />Vernon's Ann.Civ.St. art. 842a-2. ~ 2(a). <br />Acts 1993, 73rd Leg., ch. 268, ~ 1. <br />V.T.eA.. Government Code ~ 2256.010. <br /> <br />LIBRARY REFERENCES <br />2000 Main Volume <br /> <br />Municipal Corporations €=> 884. <br />States €=> 124. <br />WESTLA W Topic Nos. 268. 360. <br />C.J.S. Municipal Corporations ~ 1881. <br />C.J.S. States ~ 225. <br /> <br />~ 2256.014. Authorized Investments: Mutual Funds <br /> <br />(a) A no-load money market mutual fund is an authorized investment under this subchapter if the mutual fund: <br /> <br />(I) is registered with and regulated by the Securities and Exchange Commission; <br /> <br />(2) provides the investing entity with a prospectus and other information required by the Securities Exchange Act <br />of 1934 (15 u.s.e Section 78a et seq.) or the investment Company Act of 1940 (15 u.s.e Section 80a-1 et seq.); <br /> <br />(3) has a dollar-weighted average stated maturity of 90 days or fewer; and <br /> <br />(4) includes in its investment objectives the maintenance of a stable net asset value of $1 for each share. <br /> <br />(b) in addition to a no-load money market mutual fund permitted as an authorized investment in Subsection (a), a <br />no-load mutual fund is an authorized investment under this subchapter if the mutual fund: <br /> <br />(I) is registered with the Securities and Exchange Commission; <br /> <br />Copr. @ West 2001 No Claim to Orig. U.S. Govt. Works <br />