Untitled Texas Attorney General Opinion

July 7, 19% Honorable Jesse Jsmea opinioa No. ww-470 State Treasurer Capitol Station Re: Whether cert@n securities Austin, Texas are eligible 'as collateral for Stati.de&oeits. Dear Sirs Your letter requests our opinion: I . . . u'to .xðer obligations at the followlug types are eltgible under the Depoaitoq Laws, or shy Special ~StrC- utes, to be accepted by the State~DepHi- tory Board ro~collateral fbr Stata::de po*ito~r 1. Consolidated BQqdmqf ,Fed+al HomeLoan Banks. These bonds are the joint'and eeveral .ob- ligation6 of,the Federal Home Loan Banks. 2. Federal National mortgage As- sociation Debentures. '3. lkderal ~FarmLoan IWnds - The twelve lw banks are jointly and severally liable for con- solidated tarm loaa~bo~~s. 4. Consolidated Debentures of Banks for Cooperatives. ,:.: I 5. Federal Intermediate Credit Bsnk Bonds. These are consolidated Honorable Jesse James, page 2 (~~-470) collateral trust debentures and are the joint and several obli- gations of the twelve Federal Intermediate Credit Banks. If your office should rule that any oc :all,of the...abovetype obl:igations are eligible as collateral, please advise:u&-. :. what collateral worth the State TrBeD.. shall uee for such obligations.* Alrticle 2529, V.C.S., prescribes the securities which may be accepted by the State Depository Do@ ee+l- lateral for deposit of State funds. This article is a special act relating:~~ci,fical~y,rto statedepositories.~ We have also considered Jhethe,r.Articles 842 and ~842a, V.C.&, may apply in.~dete'rm&aiag~what'a~ities are acceptable .as collateral for state ,deposits. .The wording of these ~~:~strl~tes~~with.referen~: to *he types of securi- ties therein~meutioned~as being eligible ,for iQpestment pur- poses is practically the same. Their wordiagzl:withreference to the types of securities each lists as being eligible as "security for publ.ic'depositsm is identical. j:'_! ,' The particular %+ordingof