Section 424.105 - Short-Term Investment Pool: Certain Short-Term Obligations(a) Obligations contained in a short-term investment pool must meet the requirements of this section.(b) The obligations must: (1) have a rating by the securities valuation office of one or two, or an equivalent rating issued by a nationally recognized statistical rating organization recognized by the securities valuation office; or(2) be issued by an issuer with outstanding obligations that have a rating described by Subdivision (1).(c) The obligations must have:(1) a remaining maturity of 397 days or less or a put that:(A) entitles the holder to receive the principal amount of the obligation; and(B) may be exercised through maturity at specified intervals not exceeding 397 days; or(2) a remaining maturity of three years or less and a floating interest rate that resets at least quarterly on the basis of a current short-term index and is not subject to a maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes.(d) For purposes of this section, a current short-term index is:(1) a federal funds rate;(3) the rate for treasury bills;(4) the London InterBank Offered Rate; or(5) the rate for commercial paper.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.