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<br />Acts 1997, 75th Leg., ch. 1421 inserted "or no lower than investment grade by at least one nationally recognized <br />rating service with a weighted average maturity no greater than 90 days". <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 />~ 2256.020. Authorized Investments: institutions of Higher Education <br /> <br />In addition to the authorized investments permitted by this subchapter, an institution of higher education may <br />purchase, sell, and invest its funds and funds under its control in the following: <br /> <br />(1) cash management and fixed income funds sponsored by organizations exempt from federal income taxation <br />under Section 50W).lnternaI Revenue Code of 1986 (26 u.s.e Section 501(/)); <br /> <br />(2) negotiable certificates of deposit issued by a bank that has a certificate of deposit rating of at least I or the <br />equivalent by a nationally recognized credit rating agency or that is associated with a holding company having a <br />commercial paper rating of at least A-I, P-I, or the equivalent by a nationally recognized credit rating agency; and <br /> <br />(3) corporate bonds, debentures, or similar debt obligations rated by a nationally recognized investment rating firm <br />in one of the two highest long- term rating categories, without regard to gradations within those categories. <br /> <br />Added 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. 628, ~ 1. <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(b). <br />Acts 1993, 73rd Leg., ch. 268, ~ 1. <br />Acts 1995, 74th Leg., ch. 76, ~ 5.45(d), (t). <br />V.T.eA., Government Code ~ 2256.012. <br /> <br />LIBRARY REFERENCES <br />2000 Main Volume <br /> <br />Colleges and Universities ~ 6(1). <br />WESTLA W Topic No. 81. <br />C.J.S. Colleges and Universities ~ 10. <br /> <br />~ 2256.0201. Authorized Investments; Municipal Utility <br /> <br />(a) A municipality that owns a municipal electric utility that is engaged in the distribution and sale of electric energy <br />or natural gas to the public may enter into a hedging contract and related security and insurance agreements in <br />relation to fuel oil, natural gas, and electric energy to protect against loss due to price fluctuations. A hedging <br />transaction must comply with the regulations of the Commodity Futures Trading Commission and the Securities and <br />Exchange Commission. If there is a conflict between the municipal charter of the municipality and this chapter, this <br />chapter prevails. <br /> <br />Copr. @West2001 No Claim to Orig. U.S. Govt. Works <br />