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Page 20 of 37 <br />Sec. 2256.012. AUTHORIZED INVESTMENTS: BANKER'S ACCEPTANCES. <br />A bankers' acceptance is an authorized investment under this <br />subchapter if the bankers' acceptance: <br />(1) has a stated maturity of 270 days or fewer from the <br />date of its issuance; <br />(2) will be, in accordance with its terms, liquidated in <br />full at maturity; <br />(3) is eligible for collateral for borrowing from a <br />Federal Reserve Bank; and <br />(4) is accepted by a bank organized and existing under the <br />laws of the United States or any state, if the short-term obligations <br />of the bank, or of a bank holding company of which the bank is the <br />largest subsidiary, are rated not less than A-1 or P-1 or an <br />equivalent rating by at least one nationally recognized credit rating <br />agency. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Sec. 2256.013. AUTHORIZED INVESTMENTS: COMMERCIAL PAPER. <br />Commercial paper is an authorized investment under this subchapter if <br />the commercial paper: <br />(1) has a stated maturity of 270 days or fewer from the <br />date of its issuance; and <br />(2) is rated not less than A-1 or P-1 or an equivalent <br />rating by at least: <br />(A) two nationally recognized credit rating agencies; <br />or <br />(B) one nationally recognized credit rating agency and <br />is fully secured by an irrevocable letter of credit issued by a bank <br />organized and existing under the laws of the United States or any <br />state. <br />Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995. <br />Sec. 2256.014. AUTHORIZED INVESTMENTS: MUTUAL FUNDS. <br />(a) A no-load money market mutual fund is an authorized <br />investment under this subchapter if the mutual fund: <br />4/18/2018 <br />