Section 2256.013 - Authorized Investments: Commercial Paper 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.Tex. Gov't. Code § 2256.013
Amended by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 1133,Sec. 2, eff. 9/1/2019.Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. 9/1/1995.