Bill Text: TX HB2647 | 2017-2018 | 85th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to authorized investments of public funds.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-06-15 - Effective immediately [HB2647 Detail]
Download: Texas-2017-HB2647-Introduced.html
Bill Title: Relating to authorized investments of public funds.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-06-15 - Effective immediately [HB2647 Detail]
Download: Texas-2017-HB2647-Introduced.html
85R12555 KLA-F | ||
By: Stephenson | H.B. No. 2647 |
|
||
|
||
relating to authorized investments of public funds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 2256.009(a), Government Code, is amended | ||
to read as follows: | ||
(a) Except as provided by Subsection (b), the following are | ||
authorized investments under this subchapter: | ||
(1) obligations, including letters of credit, of the | ||
United States or its agencies and instrumentalities; | ||
(2) direct obligations of this state or its agencies | ||
and instrumentalities; | ||
(3) collateralized mortgage obligations directly | ||
issued by a federal agency or instrumentality of the United States, | ||
the underlying security for which is guaranteed by an agency or | ||
instrumentality of the United States; | ||
(4) other obligations, the principal and interest of | ||
which are unconditionally guaranteed or insured by, or backed by | ||
the full faith and credit of, this state or the United States or | ||
their respective agencies and instrumentalities, including | ||
obligations that are fully guaranteed or insured by the Federal | ||
Deposit Insurance Corporation or by the explicit full faith and | ||
credit of the United States; | ||
(5) obligations of states, agencies, counties, | ||
cities, and other political subdivisions of any state rated as to | ||
investment quality by a nationally recognized investment rating | ||
firm not less than A or its equivalent; [ |
||
(6) bonds issued, assumed, or guaranteed by the State | ||
of Israel; and | ||
(7) interest-bearing banking deposits or other | ||
obligations that are guaranteed or insured by: | ||
(A) the Federal Deposit Insurance Corporation or | ||
its successor; or | ||
(B) the National Credit Union Share Insurance | ||
Fund or its successor. | ||
SECTION 2. The changes in law made by this Act apply only to | ||
authorized investments of public funds governed by Section | ||
2256.009, Government Code, as amended by this Act, that are made on | ||
or after the effective date of this Act. An authorized investment | ||
of public funds made before the effective date of this Act is | ||
governed by the law in effect immediately before that date, and that | ||
law is continued in effect for that purpose. | ||
SECTION 3. 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, 2017. |