Texas Transportation Code

§ 452.102 — INVESTMENTS

TN § 452.102Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 452. REGIONAL TRANSPORTATION AUTHORITIES · Art. C. MANAGEMENT OF AUTHORITY

Statute text

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(a)The executive committee may invest authority funds in:

(1)direct and indirect obligations, including treasury receipts evidencing ownership of future interest and principal payments on their receipts, of the United States and of its instrumentalities, including a Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Association, Federal National Mortgage Association, Government National Mortgage Association, Student Loan Marketing Association, and International Bank for Reconstruction and Development;

(2)an obligation that:

(A)is of any state, or of a state agency, or of a county, municipality, or other political subdivision of a state;

(B)pays the principal and interest from taxes or revenues, or both taxes and revenues; and

(C)has a rating of not less than "A" or an equivalent rating by a nationally recognized rating firm;

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 1028, Sec. 1, eff. June 19, 1997.