Texas Government Code 2256.013 – Authorized Investments: Commercial Paper
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Terms Used In Texas Government Code 2256.013
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
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.