Bill Text: TX HB2346 | 2011-2012 | 82nd Legislature | Enrolled
Bill Title: Relating to authorized investments for ports and navigation districts.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB2346 Detail]
Download: Texas-2011-HB2346-Enrolled.html
H.B. No. 2346 |
|
||
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. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2346 was passed by the House on April | ||
26, 2011, by the following vote: Yeas 148, Nays 0, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2346 was passed by the Senate on May | ||
25, 2011, by the following vote: Yeas 31, Nays 0 | ||
. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |