By: Carona S.B. No. 1320
A BILL TO BE ENTITLED
AN ACT
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].