Tex. Gov't Code § 2256.013 · Subchapter A. AUTHORIZED INVESTMENTS FOR GOVERNMENTAL ENTITIES
AUTHORIZED INVESTMENTS: COMMERCIAL PAPER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
Commercial paper is an authorized investment under this subchapter if the commercial paper:
(1) has a stated maturity of 365 days or fewer from the date of its issuance; and
(2) is rated not less than A-1 or P-1 or an equivalent rating by at least:
(A) two nationally recognized credit rating agencies; or
(B) one nationally recognized credit rating agency and is fully secured by an irrevocable letter of credit issued by a bank organized and existing under the laws of the United States or any state.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., R.S., Ch. 268 (S.B. 248), Sec. 1, eff. September 1, 1993.
Amended by:
Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Acts 2019, 86th Leg., R.S., Ch. 1133 (H.B. 2706), Sec. 2, eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.2256.htm
- Text hash
- sha256 1b7d22875466171672fe2c0807f77c947db497528c82199dce4f2432d8e6426f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Gov't Code § 2256.013. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.