Texas 2017 - 85th Regular

Texas House Bill HB2928 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Stephenson H.B. No. 2928
2		-	(Senate Sponsor - Taylor of Galveston)
3		-	(In the Senate - Received from the House April 24, 2017;
4		-	May 4, 2017, read first time and referred to Committee on Business &
5		-	Commerce; May 15, 2017, reported favorably by the following vote:
6		-	Yeas 9, Nays 0; May 15, 2017, sent to printer.)
7		-	Click here to see the committee vote
	1	+	H.B. No. 2928
8	2
9	3
10		-	A BILL TO BE ENTITLED
11	4		AN ACT
12	5		relating to including the obligations of Federal Home Loan Banks as
13	6		authorized investments for a governmental entity and the
14	7		requirements for certificates of deposit or share certificates held
15	8		as authorized investments for a governmental entity.
16	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
17	10		SECTION 1. Section 2256.009(a), Government Code, is amended
18	11		to read as follows:
19	12		(a) Except as provided by Subsection (b), the following are
20	13		authorized investments under this subchapter:
21	14		(1) obligations, including letters of credit, of the
22	15		United States or its agencies and instrumentalities, including the
23	16		Federal Home Loan Banks;
24	17		(2) direct obligations of this state or its agencies
25	18		and instrumentalities;
26	19		(3) collateralized mortgage obligations directly
27	20		issued by a federal agency or instrumentality of the United States,
28	21		the underlying security for which is guaranteed by an agency or
29	22		instrumentality of the United States;
30	23		(4) other obligations, the principal and interest of
31	24		which are unconditionally guaranteed or insured by, or backed by
32	25		the full faith and credit of, this state or the United States or
33	26		their respective agencies and instrumentalities, including
34	27		obligations that are fully guaranteed or insured by the Federal
35	28		Deposit Insurance Corporation or by the explicit full faith and
36	29		credit of the United States;
37	30		(5) obligations of states, agencies, counties,
38	31		cities, and other political subdivisions of any state rated as to
39	32		investment quality by a nationally recognized investment rating
40	33		firm not less than A or its equivalent; and
41	34		(6) bonds issued, assumed, or guaranteed by the State
42	35		of Israel.
43	36		SECTION 2. Section 2256.010(a), Government Code, is amended
44	37		to read as follows:
45	38		(a) A certificate of deposit or share certificate is an
46	39		authorized investment under this subchapter if the certificate is
47	40		issued by a depository institution that has its main office or a
48	41		branch office in this state and is:
49	42		(1) guaranteed or insured by the Federal Deposit
50	43		Insurance Corporation or its successor or the National Credit Union
51	44		Share Insurance Fund or its successor;
52	45		(2) secured by obligations that are described by
53	46		Section 2256.009(a), including mortgage backed securities directly
54	47		issued by a federal agency or instrumentality that have a market
55	48		value of not less than the principal amount of the certificates, but
56	49		excluding those mortgage backed securities of the nature described
57	50		by Section 2256.009(b); or
58	51		(3) secured in accordance with Chapter 2257 or in any
59	52		other manner and amount provided by law for deposits of the
60	53		investing entity.
61	54		SECTION 3. The changes in law made by this Act apply to an
62	55		authorized investment of public funds governed by Chapter 2256,
63	56		Government Code, as amended by this Act, made on or after the
64	57		effective date of this Act. An authorized investment of public
65	58		funds made before the effective date of this Act is subject to the
66	59		law in effect on the date the investment was made, and the former
67	60		law is continued in effect for that purpose.
68	61		SECTION 4. This Act takes effect September 1, 2017.
69		-	* * * * *
	62	+	______________________________ ______________________________
	63	+	President of the Senate Speaker of the House
	64	+	I certify that H.B. No. 2928 was passed by the House on April
	65	+	20, 2017, by the following vote: Yeas 144, Nays 0, 2 present, not
	66	+	voting.
	67	+	______________________________
	68	+	Chief Clerk of the House
	69	+	I certify that H.B. No. 2928 was passed by the Senate on May
	70	+	19, 2017, by the following vote: Yeas 31, Nays 0.
	71	+	______________________________
	72	+	Secretary of the Senate
	73	+	APPROVED: _____________________
	74	+	Date
	75	+	_____________________
	76	+	Governor