H.B. No. 2346
AN ACT
relating to authorized investments for ports and navigation
districts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 2256, Government Code, is
amended by adding Section 2256.0203 to read as follows:
Sec. 2256.0203. AUTHORIZED INVESTMENTS: PORTS AND
NAVIGATION DISTRICTS. (a) In this section, "district" means a
navigation district organized under Section 52, Article III, or
Section 59, Article XVI, Texas Constitution.
(b) In addition to the authorized investments permitted by
this subchapter, a port or district may purchase, sell, and invest
its funds and funds under its control in negotiable certificates of
deposit issued by a bank that has a certificate of deposit rating of
at least 1 or the equivalent by a nationally recognized credit
rating agency or that is associated with a holding company having a
commercial paper rating of at least A-1, P-1, or the equivalent by a
nationally recognized credit rating agency.
SECTION 2. This Act takes effect September 1, 2011.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 2346 was passed by the House on April
26, 2011, by the following vote: Yeas 148, Nays 0, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 2346 was passed by the Senate on May
25, 2011, by the following vote: Yeas 31, Nays 0
.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor