|
<br />BONDS--COUNTY, MUNICIPAL. ETC.
<br />TltJe 22
<br />
<br />es, bonds, consolidated bonds issued under the Farm Credit Act of 1971, P.L. 92-181, and
<br />as thereafter amended, debentures, notes, collateral trust certificates and other such
<br />evidences of indebtedness, insured accounts shall be lawful investments for all funds
<br />which may be lawfully invested by guardians, administrators, trustees, and receivers, for
<br />building and loan associations, savings departments of banks, incorporated under the laws
<br />of Texas~ for banks, savings banks and trust companies, chartered under the laws of
<br />Texas, and all insurance companies of every kind and character; chartered or transacting
<br />business under the laws of Texas, where investments are required or permitted by the
<br />laws of this State; providing further that where such mortgages, bonds, consolidated
<br />bonds issued under the Farm Credit Act of 1971, P.L. 92-181, and as thereafter amended,
<br />debentures, notes, collateral trust certificates, and other such evidences of indebtedness
<br />are issued against and secured by promissory notes, or other obligations, the payment of
<br />which is secured in whole or in part, by mortgage, deed of trust, or other valid first lien
<br />upon real estate situated in Texas, or where such mortgages, bonds, consolidated bonds
<br />issued under the Farm Credit Act of 1971, P.L. 92-181, and as thereafter amended,
<br />debentures, notes, collateral trust certificates, or other such evidences of indebtedness are
<br />acquired, directly or indirectly, in exchange for or in substitution of notes, or other
<br />obligations, secured by mortgage, deed of trust, or other valid first lien upon real estate
<br />situated in Texas, or where such "insured accounts" are issued by building and loan
<br />associations chartered under the laws of Texas or by Federal Savings and Loan Associa-
<br />tions domiciled in Texas, then such mortgages, bonds, consolidated bonds issued under
<br />the Farm Credit Act of 1971, P.L. 92-181, and as thereafter amended, debentures, notes,
<br />collateral trust certificates or other such evidences of indebtedness, "insured accounts,"
<br />so issued and so secured, or so acquired or insured, shall be regarded for investment
<br />purposes by insurance companies as "Texas Securities," within the meaning of the laws
<br />of Texas governing such investments.
<br />The provisions of this Act. shall be cumulative of all other provisions of the Civil
<br />Statutes of the State of Te."tas, affecting the investment of funds or moneys by fiduciar-
<br />ies, guardians, administrators, trustees and receivers, building and loan associations,
<br />savings departments of banks, incorporated and doing business under the laws of Texas,
<br />commercial banks, savings banks and trust companies, chartered and doing business
<br />under the laws of Texas, insurance companies of any lànd and character, chartered and
<br />transacting business under the laws of Texas, and all corporate creatures, organized and
<br />doing business under the laws of Texas.
<br />It is hereby declared to be the legislative intent to enact a separate provision of this Act
<br />independent of all other provisions, and the fact that any phrase, sentence, or clause of
<br />this Act shall be declared unconstitutional, shall in no event affect the validity of any of
<br />the provisions hereof.
<br />
<br />Amended by Acts 1973, 63rd Leg., p. 1252, ch. 455, § 2, eff. June 14. 1973.
<br />112 U.S.C_\. § 1701 et seq.
<br />212 U.s.C.A. § 1724 et seq.
<br />312 U.S.C.A. § 2001 et seq.
<br />
<br />Crass References
<br />School Depository Act, securities provided for
<br />by this article as approved securities, see V.T.C.
<br />A. Education Code. § 23.73(4)(B).
<br />
<br />Art. 842a-2
<br />
<br />Art. 842a-2. Public Funds Investment Ad
<br />
<br />Short TitJe
<br />See..1. This Act may be cited as the Public Funds Investment Act of 1981.
<br />
<br />Authorized Investments
<br />Sec. 2. (a) An incorporated city or town, a county, a public school district, an
<br />inStitution of higher education as derIDed by Section 61.003 of the Education COde, or any
<br />nonprofit corporation acting on behalf of any of those entities may, in accordance with
<br />this Act, purchase, sell, and invest its funds and funds under its control in the fol1owing:
<br />(1) obligations of the United States or its agencies and instrumentalities;
<br />241
<br />
<br />8
<br />
|