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Texas Government Code - GOV'T § 2256.013. Authorized Investments:  Commercial Paper

Current as of January 01, 2024 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2256.013. Authorized Investments:  Commercial Paper - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2256-013/

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