Bill Text: TX HB2103 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Relating to the consideration of a letter of credit issued by a federal home loan bank as an eligible security for collateral to secure public funds.
Sponsorship: Partisan Bill (Republican 2)
Status: (Passed) 2011-06-17 - Effective immediately [HB2103 Detail]
Download: Texas-2011-HB2103-Enrolled.html
| H.B. No. 2103 | ||
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| relating to the consideration of a letter of credit issued by a | ||
| federal home loan bank as an eligible security for collateral to | ||
| secure public funds. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2257.002(4), Government Code, is amended | ||
| to read as follows: | ||
| (4) "Eligible security" means: | ||
| (A) a surety bond; | ||
| (B) an investment security; | ||
| (C) an ownership or beneficial interest in an | ||
| investment security, other than an option contract to purchase or | ||
| sell an investment security; | ||
| (D) a fixed-rate collateralized mortgage | ||
| obligation that has an expected weighted average life of 10 years or | ||
| less and does not constitute a high-risk mortgage security; [ |
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| (E) a floating-rate collateralized mortgage | ||
| obligation that does not constitute a high-risk mortgage security; | ||
| or | ||
| (F) a letter of credit issued by a federal home | ||
| loan bank. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2011. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 2103 was passed by the House on May | ||
| 11, 2011, by the following vote: Yeas 149, Nays 0, 1 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 2103 was passed by the Senate on May | ||
| 24, 2011, by the following vote: Yeas 31, Nays 0 | ||
| . | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
