AUTHORIZED INVESTMENTS: BANKER'S ACCEPTANCES.
Tex. GOV'T Code § 2256.012.
in effectA bankers' acceptance is an authorized investment under this subchapter if the bankers' acceptance:
(1) has a stated maturity of 270 days or fewer from the date of its issuance;
(2) will be, in accordance with its terms, liquidated in full at maturity;
(3) is eligible for collateral for borrowing from a Federal Reserve Bank; and
(4) is accepted by a bank organized and existing under the laws of the United States or any state, if the short-term obligations of the bank, or of a bank holding company of which the bank is the largest subsidiary, are rated not less than A-1 or P-1 or an equivalent rating by at least one nationally recognized credit rating agency.
Added by Acts 1993, 73rd Leg., R.S., Ch. 268 (S.B. 248 ), Sec. 1, eff. September 1, 1993.