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authorized investment under this subchaptcr if the commercial paper; (I) has a stuted maturUy of 270 days or fewer from the date of its issuance: and (2) is ratcd 110t less than A-lor P-I or an equivalent rating by at least: (.\) two nationally recognized credit rating agencies; or (B) one nationally recognized credit rating agency and is fully securcd by an irrevorublc letter (.1 r credit issued by a bank organized and existing under the laws orthe United States or nny stale. . Amended hy Acts 11)950 74th Leg.. eh. 402, Sec. L efr. Sept. 1,1995. See 225&.014. AVJHORJZED rNVES'nvlENT'i: MUTU A.L FUNDS, (3) A no-load money market mutual fund is an authoriz.ed investment under this subchapter irthe mutua] fund: (]) is registered with and regulated by the Securities and Exchange Commission; (2) provides the investing eOlll) with a prospectus and other infomration required by the Securities Exchange Act of 1934 ( 15 U .S.c. Section 78ft et sell.) (lrthelnvestment Compnny Act ofl940 (15 U .S.c. Section 80a-1 el seq.); (3) has a dollar-weighted averugc stated maturity of90 days Or fewer: and (4) includes in its Investment ol~jectiYes the maintenance of a stable net llsset value of $1 for t:ach share. (b) In addition to a no-load mane!> market mutual fund pennitted as an authorized investment in Subsection (a), a no-load mutual fund is an authorized inveslmcnlllnder (his sllbch;lpter if the mutual fund: (\) is registered with the Securities and Exchange Commission; (2) has an average weighted malurity of1ess than two years: (3) is invested exclusively in obligations approvcd by this subchapter: (4) is continuously rated as to investment qualit) by at least one nationally recognized investment rating firm of not less than AAA or its equivalent: and (5) conforms to the requirements set forth in ':;cctions 2256.0 16(b) and I c) relating to the ehgibitit) ,)( investment pools to receive and invest funds of invcs1ing entities. (c) An entity is not authorized by this section to: (1) invest in the aggregate more than 15 percent of its monthly average fund balance. excluding bond proi.:eeds and reserves and other funds held for debt service, in mutUlil funds described in Subsection (b); (2) invest any portion of bond proceeds. reserves and funds held felr debt service, in' mutual funds described in Subsection (b); or (~) invest its funds 01' funds lInder its control, including hond proceeds and reserves and other funds held for debt service, in anyone mutulll fund described in Subsection (a) or (b) in an amOU!1l that exceeds] () percent of the total assets of the mutual fund, <\mended by Acts 1995, 74th Leg,. ch. 402, Sec. 1, efr. Sept. I, 1995; Acts 1997, 75th Leg" eh. 1421, See. 7, elf Sept I, 1997; Acts 1999, 76th Leg" ch. 1454, Sec. II, c II Sept. J, 1999_ Sec. 2256.015, AUTHORIZED INVESTtvlENTS: GUARANTEED INVESTlvlENT CONTRACTS, (al A. gUllranteed investment contract is all authorized investment for hond proceeds under this subchapter if the guaranteed investment contract: (I) has a defined termination date: (21 is secured by obligations described by Section 2256.009(u)( 11_ excluding those obligations described hy Section 2256JlO9(h), in an amount lIt least eqLUl1 to the amount of hond proceeds invested under the contract: and (3) is pledged to the emity arid deposited wilh the entity or with it third parry seleCTed and approved b) the cntity. (bl Bond proceeds, other than bond proceeds representing reserves and funds maintained for debt service purposes, may not be invested under this subchapter in a guarnllleed investment contract With a lenn of longer than five years Iront the date of issuance afthe bonds. Page 26 """icy ct ","::1[1 :4ar:::,,3 Ir"'vest:.mant -:n-.icj~