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<br />(2) has an average weighted maturity of less than two years;
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<br />(3) is invested exclusively in obligations approved by this subchapter;
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<br />(4) is continuously rated as to investment quality by at least one nationally recognized investment rating firm of not
<br />less than AAA or its equivalent; and
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<br />(5) conforms to the requirements set forth in Sections 2256.016(b) and (c) relating to the eligibility of investment
<br />pools to receive and invest funds of investing entities.
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<br />(c) An entity is not authorized by this section to:
<br />
<br />(1) invest in the aggregate more than 15 percent of its monthly average fund balance, excluding bond proceeds and
<br />reserves and other funds held for debt service, in mutual funds described in Subsection (b);
<br />
<br />(2) invest any portion of bond proceeds, reserves and funds held for debt service, in mutual funds described in
<br />Subsection (b); or
<br />
<br />(3) invest its funds or funds under its control, including bond proceeds and reserves and other funds held for debt
<br />service, in anyone mutual fund described in Subsection (a) or (b) in an amount that exceeds 10 percent of the total
<br />assets of the mutual fund.
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<br />Amended by Acts 1995, 74th Leg., ch. 402, ~ I, eff. Sept. I, 1995; Acts 1997, 75th Leg., ch. 1421, ~ 7, eff. Sept. I,
<br />1997; Acts 1999, 76th Leg., ch. 1454, ~ 8, eff. Sept. 1, 1999.
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<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 />Acts 1997, 75th Leg., ch. 1421, in subsec. (a), in subd. (I), inserted "registered with and", added new subd. (2), and
<br />redesignated former subds. (2) and (3) as subds. (3) and (4), respectively.
<br />
<br />For application provisions of Acts 1997, 75th Leg., ch. 1421, see notes following V.T.eA., Government Code ~
<br />2256.002.
<br />
<br />Acts 1999, 76th Leg., ch. 1454, in subsec. (c). in subd. (1) substituted" 15 percent" for "80 percent", and deleted
<br />"money-market mutual funds described in Subsection (a) or" following "debt service, in" and ", either separately or
<br />collectively" following "Subsection boo, deleted subd. (2), and renumbered former subds. (3) and (4) as subds. (2)
<br />and (3). Prior to deletion, subsec. (c)(2) read:
<br />
<br />"invest in the aggregate more than 15 percent of its monthly average fund balance, excluding bond proceeds and
<br />reserves and other funds held for debt service, in mutual funds described in Subsection (b);"
<br />
<br />Prior Laws:
<br />Acts 1987, 70th Leg., ch. 889.
<br />Acts 1989, 71st Leg., ch. 628, ~ I.
<br />Acts 1991, 72nd Leg., ch. 732, ~ I.
<br />Acts 1993, 73rd Leg., ch. 946, ~ I.
<br />Vernon's Ann.Civ.St. art. 842a-2. ~ 2(c). (d).
<br />Acts 1993, 73rd Leg., ch. 268, ~ I.
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<br />Copr. @West2001 No Claim to Orig. U.S. Govt. Works
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