82R346 MTB-D
By: Bonnen H.B. No. 2346
A BILL TO BE ENTITLED
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.