Bill Text: TX SB1320 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the operation of the Texas Windstorm Insurance Association.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-13 - Referred to Business & Commerce [SB1320 Detail]
Download: Texas-2013-SB1320-Introduced.html
By: Carona | S.B. No. 1320 | |
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relating to the operation of the Texas Windstorm Insurance | ||
Association. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
Section 1. Section 2210.605, Insurance Code, is amended to | ||
read as follows: | ||
Sec. 2210.605. TERMS OF ISSUANCE. | ||
(a) The board shall determine the method of sale, type and | ||
form of public security, maximum interest rates, and other terms of | ||
the public securities that, in the board's judgment, best achieve | ||
the goals of the association and effect the borrowing at the lowest | ||
practicable cost. The board may enter into a credit agreement in | ||
connection with the public securities. | ||
(b) Public securities must be issued by the board on behalf | ||
of the association. | ||
(c) Public securities issued under Section 2210.612 are | ||
eligible obligations under Section 404.027, Government Code. | ||
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, 2013] [(stated date), 2013] [on the | ||
91st day after the last day of the legislative session]. |