2001 - Laserfiche WebLink

Home Browse Search

295 Commercial paper is an authorized investment under this subchapter if the commercial paper: (1) has a stated maturity of 270 days or fewer from the date of its issuance; and (2) is rated not less than A -1 or P -1 or an equivalent rating by at least: (A) two nationally recognized credit rating agencies; or (B) one nationally recognized credit rating agency and is fully secured by an irrevocable letter of credit issued by a bank organized and existing under the laws of the United States or any state. Amended by Acts 1995, 74th Leg., ch. 402, § 1, eff. Sept. 1, 1995. <General Materials (GM) - References, Annotations, or Tables> HISTORICAL AND STATUTORY NOTES 2000 Main Volume Prior Laws: Acts 1987, 70th Leg., ch. 889. Acts 1989, 71st Leg., ch. 39, § 1. Acts 1989, 71st Leg., ch. 628, § 1. Acts 1989, 71st Leg., ch. 693, § 4. Acts 1989, 71st Leg., ch. 750, § 1. Vernon's Ann.Civ.St. art. 842a -2, c 2(a). Acts 1993, 73rd Leg., ch. 268, § 1. V.T.C.A.. Government Code § 2256.010. LIBRARY REFERENCES - 2000 Main Volume Municipal Corporations 884. States 124. WESTLAW Topic Nos. 268, 360. C.J.S. Municipal Corporations § 1881. C.J.S. States § 225. § 2256.014. Authorized Investments: Mutual Funds (a) A no -load money market mutual fund is an authorized investment under this subchapter if the mutual fund: (1) is registered with and regulated by the Securities and Exchange Commission; (2) provides the investing entity with a prospectus and other information required by the Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) or the Investment Company Act of 1940 (15 U.S.C. Section 80a -1 et seq.); (3) has a dollar- weighted average stated maturity of 90 days or fewer; and (4) includes in its investment objectives the maintenance of a stable net asset value of $1 for each share. (b) In addition to a no -load money market mutual fund permitted as an authorized investment in Subsection (a), a no -load mutual fund is an authorized investment under this subchapter if the mutual fund: (1) is registered with the Securities and Exchange Commission; Copr. 0 West 2001 No Claim to Orig. U.S. Govt. Works