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Art. 842a BONDS — COUNTY, MUNICrPAL, ETC.
<br />Title 22
<br />The provisions of this Act shall be cumulative of all other provisions of the Civil
<br />Statutes of the State of Texas, affecting the investment of funds or moneys by fiduciar-
<br />iee, guardians, administrators, trustees and receivers, building and loan associations,
<br />savings departments of banks, incorporated and doing business under the laws of Texas,
<br />commercial banks; savings banks and trust companies, chartered and doing business
<br />under the laws of Texas, insurance companies of any kind and character, chartered and
<br />transacting business under the laws of Texas, and all corporate creatures, organized and
<br />doing business under the laws of Texas.
<br />It is hereby declared to be the legislative intent to enact a separate provision of this Act
<br />independent of all other provisions, and the fact that any phrase, sentence, or clause of
<br />this Act shall be declared unconstitutional, shall in no event affect the validity of any. of
<br />the provisions heAbf.
<br />Amended by Acts 1973, 63rd Leg., P. 1252, ch. 455, § 2, eff. June 14, 1973.
<br />112 US.C,A. 1 1701 at seq,
<br />112 US.CA. j 1724 at saq.
<br />112 U.&C -L j 2001 at seq.. _
<br />Cross References
<br />School Depository Act, securities provided for
<br />by this article as approved securities, see V.T.
<br />C.A- Education Code, 123.73(4)(B).
<br />Art 842a -1. Obligations wholly *or partly insured by United States or state. Invest.
<br />ment Ln,
<br />Cross References
<br />Certificates of title for motor vehicles, disposi-
<br />tion and investment of fees, see art 6687 -1,
<br />16►(b).
<br />Art. 842& -2. Public Funds Investment Act
<br />Short Title
<br />Sec. 1. This Act may be cited as the Public Funds Investment Act of 1987.
<br />Authorized Iniestineilts
<br />Text of subsea (a) as amended by Acts 1989, 71st Leg., ch. 99, § 1 and Acts
<br />1989, 71st Leg., eh. 628, § 1
<br />Sec. 2. (a) An incorporated city or town, a county, a public school district, a district or
<br />authority created under Article III, Section 52(b)(1) or (2), or Article XVI, Section 69, of
<br />the Texas Constitution, an institution of higher education as defined by Section 61.003 of
<br />the Education Code, a hospital district, a fresh water supply district, or any nonprofit 1
<br />corporation acting on behalf of any of those entities may, in accordance with this Act,
<br />purchase, sell, and invest its funds and funds under its control in the following:
<br />(1) obligations of the United States or its agencies and instrumentalities;
<br />(2) direct obligations of the State of Texas or its agencies;
<br />(3) other obligations, the principal of and interest on which are unconditionally guaran-
<br />teed or insured by the State of Texas or the United States or its agencies and instrumen-
<br />talities;
<br />(4) obligations of states, agencies, counties, cities, and other political subdivision& of
<br />any state having been rated as to investment quality by a nationally recognized invest-
<br />ment rating firm and having received a rating of not less than A or its equivalent;
<br />(6) certificates of deposit issued by state and national banks domiciled in this state that
<br />are:
<br />(A) guaranteed or insured by the Federal Deposit Insurance Corporation, or its succes-
<br />sor, or
<br />(B) secured by obligations that are described by Subdivisions (1){4) of this subsection,
<br />which are intended to include all direct federal agency or instrumentality issued mortgage
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