Commercial paper is an authorized investment under this subchapter if the commercial paper:

1. (1) has a stated maturity of 365 days or fewer from the date of its issuance; and

2. (2) is rated not less than A-1 or P-1 or an equivalent rating by at least:

   1. (A) two nationally recognized credit rating agencies; or
   2. (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.

Added by Acts 1993, 73rd Leg., R.S., Ch. 268 (S.B. 248), Sec. 1, eff. September 1, 1993.

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.