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Page 18 of 37 <br />the entity or with a third party selected and approved by the entity; <br />and <br />(4) is placed through a primary government securities <br />dealer, as defined by the Federal Reserve, or a financial institution <br />doing business in this state. <br />(b) In this section, "repurchase agreement" means a <br />simultaneous agreement to buy, hold for a specified time, and sell <br />back at a future date obligations described by Section 2256.009(a) <br />(1), at a market value at the time the funds are disbursed of not <br />less than the principal amount of the funds disbursed. The term <br />includes a direct security repurchase agreement and a reverse <br />security repurchase agreement. <br />(c) Notwithstanding any other law, the term of any reverse <br />security repurchase agreement may not exceed 90 days after the date <br />the reverse security repurchase agreement is delivered. <br />(d) Money received by an entity under the terms of a reverse <br />security repurchase agreement shall be used to acquire additional <br />authorized investments, but the term of the authorized investments <br />acquired must mature not later than the expiration date stated in the <br />reverse security repurchase agreement. <br />(e) Section 1371.059(c) applies to the execution of a <br />repurchase agreement by an investing entity. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Amended by: <br />Acts 2011, 82nd Leg., R.S., <br />June 17, 2011. <br />Acts 2017, 85th Leg., R.S., <br />June 14, 2017. <br />Ch. 1004 (H.B. 2226), Sec. 6, eff. <br />Ch. 773 (H.B. 1003), Sec. 3, eff. <br />Sec. 2256.0115. AUTHORIZED INVESTMENTS: SECURITIES LENDING <br />PROGRAM. (a) A securities lending program is an authorized <br />investment under this subchapter if it meets the conditions provided <br />by this section. <br />(b) To qualify as an authorized investment under this <br />subchapter: <br />4/18/2018 <br />