85R10446 MK-D
By: Stephenson H.B. No. 2648
A BILL TO BE ENTITLED
AN ACT
relating to including the obligations of Federal Home Loan Banks as
authorized investments for a governmental entity.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2256.009(a), Government Code, is amended
to read as follows:
(a) Except as provided by Subsection (b), the following are
authorized investments under this subchapter:
(1) obligations, including letters of credit, of the
United States or its agencies and instrumentalities, including the
Federal Home Loan Banks;
(2) direct obligations of this state or its agencies
and instrumentalities;
(3) collateralized mortgage obligations directly
issued by a federal agency or instrumentality of the United States,
the underlying security for which is guaranteed by an agency or
instrumentality of the United States;
(4) other obligations, the principal and interest of
which are unconditionally guaranteed or insured by, or backed by
the full faith and credit of, this state or the United States or
their respective agencies and instrumentalities, including
obligations that are fully guaranteed or insured by the Federal
Deposit Insurance Corporation or by the explicit full faith and
credit of the United States;
(5) obligations of states, agencies, counties,
cities, and other political subdivisions of any state rated as to
investment quality by a nationally recognized investment rating
firm not less than A or its equivalent; and
(6) bonds issued, assumed, or guaranteed by the State
of Israel.
SECTION 2. This Act takes effect September 1, 2017.