H.B. No. 2103
AN ACT
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; [or]
(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