| 1 | 1 | | By: Bonnen (Senate Sponsor - Huffman) H.B. No. 2346 |
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| 2 | 2 | | (In the Senate - Received from the House April 27, 2011; |
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| 3 | 3 | | May 3, 2011, read first time and referred to Committee on |
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| 4 | 4 | | Transportation and Homeland Security; May 20, 2011, reported |
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| 5 | 5 | | favorably by the following vote: Yeas 9, Nays 0; May 20, 2011, sent |
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| 6 | 6 | | to printer.) |
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| 7 | 7 | | |
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| 8 | 8 | | |
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| 9 | 9 | | A BILL TO BE ENTITLED |
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| 10 | 10 | | AN ACT |
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| 11 | 11 | | relating to authorized investments for ports and navigation |
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| 12 | 12 | | districts. |
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| 13 | 13 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 14 | | SECTION 1. Subchapter A, Chapter 2256, Government Code, is |
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| 15 | 15 | | amended by adding Section 2256.0203 to read as follows: |
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| 16 | 16 | | Sec. 2256.0203. AUTHORIZED INVESTMENTS: PORTS AND |
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| 17 | 17 | | NAVIGATION DISTRICTS. (a) In this section, "district" means a |
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| 18 | 18 | | navigation district organized under Section 52, Article III, or |
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| 19 | 19 | | Section 59, Article XVI, Texas Constitution. |
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| 20 | 20 | | (b) In addition to the authorized investments permitted by |
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| 21 | 21 | | this subchapter, a port or district may purchase, sell, and invest |
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| 22 | 22 | | its funds and funds under its control in negotiable certificates of |
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| 23 | 23 | | deposit issued by a bank that has a certificate of deposit rating of |
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| 24 | 24 | | at least 1 or the equivalent by a nationally recognized credit |
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| 25 | 25 | | rating agency or that is associated with a holding company having a |
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| 26 | 26 | | commercial paper rating of at least A-1, P-1, or the equivalent by a |
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| 27 | 27 | | nationally recognized credit rating agency. |
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| 28 | 28 | | SECTION 2. This Act takes effect September 1, 2011. |
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| 29 | 29 | | * * * * * |
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