1999 - Laserfiche WebLink

Home Browse Search

I 358 § 2256.018 GOVERINI r1E_1cT CODE Repealed Title 10 § 2256.018. Repealed by Acts 1997, 75th Leg., ch. 1421, § 15, eff. Sept - 1, •1997 Historical and Statutory Notes The-repealed section. providing for an adviso- ry board of investment pools, was derived from: Acs 1987. 70th Lee., eh. 889. Acts 1993. 73rd Leo.. ch. 946. § 1. Vernon's Ann.Cit•.SL art. 842a-2. §g 2(e), 3(n. Acts 1993. 73rd Leg., ch. 26S. § 1. Acts 1995. 74th Leg.. eh. 76.,§ 4.45(e). M. V.T.C.a.. Government Code § 2256.014(d, Acs 1995. 74th Leg.. eh. 402. § 1. § 2256.019. Rating of Certain Investment Pools A public funds investment pool must be continuously rated no lower than AAA or A.kA -m or at an .equivalent rating by at least one nationally recognized rating service or no lower than investment grade by at least one nationally recognized rating service with a weighted average maturity no greater than 90 days. Added by Acts 199; 7 -'th Leg., ch. -.02, § 1, eff. Se_ot. 1. 1995. A mended b_v Acts 1997, 75th Leg., ch. 1=:21`. �§ 11, eff. Se :)L 1. 1997. Historical and Statutory Notes Acts 1997. 7 = th Les.. ch. 1421 inserted "or no For apniication provisions of Ac_s 199:. 7= t2h love: than investment ¢rase by at least one Leg.. c',. 1421, see notes following, V.T.C.a.. nationalh• recognized rating service wi*..h a Govc:-ament Code § 2'=6.002. «•eisi•rtea avera_Qe maturiry no greater thza 90 cans' . § 2256.020. Authorized Investments: Institutions of Higher Education 'In addition to the authorized invesu-ne:its permitted by this subchapter, an institution of higher education may purchase, sell, and invest its. funds and . funds under its.control in the following: (1) cash ma'nagement and fixed income -funds sponsored by organizations exempt from federal income taxation under Section 501(f), Intent Revenue Code of 1986 (26 U.S.C. Section 501(f)); (2) negotiable certificates or deposit issued by a bank that has a cer dficate of deposit rating of at least 1''br the equivalent by a nationally recognized credit raring agency or that is associated with a holding company having a commercial paper rating of at least A -1, P -1, or the equivalent b_v.a national- Iv recognized credit rating agency; and - (3) corporate bonds, debentures, or similar debt "obligations rated by. a nationally recognized investment rating fire in one of the two highest long- term rating categories, without regard to gradations within those categories. . Added by Acts 1995, 71".th Leg., ch. X02, § 1, eif.•Se ?t. 1. 1995. Historical and Statutory ?Motes Prior Laws: Acts 1993, 7-':rd Leg.. eh. 946. § 1. Acts 1987. 70th Le;.. eh. 389. Vernon's Arn.Civ.SL art. 842a -2. § 2(b). Acs 1993;; 73rd Leg., eh. 268. § 1. Acts 1989. 71st Le:.. eh. 623. § 1. Acts 1995. 7;th Les.. ch. 76. § :.45(d). (f). Acs 1989. 71st Leg:. en. 750. § 1. V.T.C.a.. Gove:ment Code § 2250.012.