Sec. 452.102. INVESTMENTS. (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;
(3) direct repurchase agreements and reverse repurchase agreements that:
(A) have defined termination dates secured by obligations described by Subdivision (1) or (2); and
(B) are executed with a bank or trust company organized under the laws of this state, any national banking association, or any government bond dealer reporting to and recognized as a primary dealer by the Federal Reserve Bank of New York;
(4) the common trust funds of a bank and money market mutual funds that consist solely of assets described by Subdivision (1) or (2);
(5) a certificate of deposit of a state or national bank guaranteed or insured by the Federal Deposit Insurance Corporation or its successor or secured by obligations described by Subdivision (1) or (2) with a market value of not less than the principal amount of the certificate;
(6) commercial paper rated "A1" or "P1" by a nationally recognized rating firm;
(7) a foreign currency and any currency-swap agreement to the extent necessary to pay nondollar-denominated obligations; and
(8) any other investment authorized by resolution of the executive committee of the authority.
(b) An authority, by contract the terms of which are appropriate and approved by the executive committee, may enter into:
(1) an investment agreement relating to any investment described by this section; and
(2) an interest-rate swap or a similar agreement.
(c) In addition to the other investments authorized by this section, the executive committee may invest authority funds in any investment authorized for an entity under Chapter 2256, Government Code.
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.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 452 - Regional Transportation Authorities
Subchapter C. Management of Authority
Section 452.101. Executive Committee: Powers
Section 452.103. Depository; Deposit of Funds
Section 452.104. Chief Executive: Duties
Section 452.1055. Prohibition of Consumption of Alcoholic Beverage
Section 452.106. Procurement Rules
Section 452.107. Purchases: Competitive Bidding
Section 452.108. Duration of Contracts and Delegation of Powers
Section 452.109. Explanation of Contract Awards in Certain Authorities
Section 452.1095. Exemption From Other Contracting Law for Certain Authorities
Section 452.110. Peace Officers
Section 452.111. Extraordinary Vote Required in Certain Authorities
Section 452.112. Advisory Committees in Certain Authorities
Section 452.113. Budget Recommendations
Section 452.114. Budget in Authority Created by Contiguous Municipality
Section 452.115. Public Hearing on Fare and Service Changes in Certain Authorities
Section 452.116. Public Hearing on Fare and Service Changes in Certain Authorities: Exceptions
Section 452.117. Public Hearing on Experimental Service Change
Section 452.118. Notice of Hearing on Fare or Service Change in Certain Authorities