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(A) pledged securities described by Section <br />2256.009; <br />(B) pledged irrevocable letters of credit issued <br />by a bank that is : <br />(i) organized and existing under the laws <br />of the United States or any other state; and <br />(ii) continuously rated by at least one <br />nationally recognized investment rating firm at not less than A or <br />its equivalent; or <br />(C) cash invested in accordance with Section: <br />(i) 2256.009; <br />(ii) 2256.013; <br />(iii) 2256.014; or <br />(iv) 2256.016; <br />(4) the terms of a loan made under the program must <br />require that the securities being held as collateral be: <br />(A) pledged to the investing entity; <br />(B) held in the investing entity's name; and <br />(C) deposited at the time the investment is made <br />with the entity or with a third party selected by or approved by the <br />investing entity; <br />(5) a loan made under the program must be placed <br />through: <br />(A) a primary government securities dealer, as <br />defined by 5 C.F.R. Section 6801.102(f), as that regulation existed <br />on September 1, 2003; or <br />(B) a financial institution doing business in <br />this state; and <br />(6) an agreement to lend securities that is executed <br />under this section must have a term of one year or less. <br />Added by Acts 2003, 78th Leg., ch. 1227, Sec. 1, eff. Sept. 1, 2003. <br />Sec. 2256.012. AUTHORIZED INVESTMENTS: BANKER'S <br />ACCEPTANCES. A bankers' acceptance is an authorized investment <br />under this subchapter if the bankers' acceptance: <br />(1) has a stated maturity of 270 days or fewer from the <br />date of its issuance; <br />16 <br />" .J <br />