2001 REGULAR SESSION (71st)                                                                                A AB96 41

Amendment No. 41

 

Assembly Amendment to Assembly Bill No. 96                                                                  (BDR 31‑338)

Proposed by: Committee on Government Affairs

Amendment Box:

Resolves Conflicts with: N/A

Amends:         Summary:               Title:               Preamble:               Joint Sponsorship:

 

ASSEMBLY ACTION              Initial and Date              |SENATE ACTION                        Initial and Date

       Adopted       Lost                                               |          Adopted       Lost                                           

Concurred In                     Not                                                        |Concurred In  Not                                 

       Receded        Not                                               |         Receded        Not                                           

 

     Amend section 1, pages 1 and 2, by deleting lines 13 through 18 on page 1 and lines 1 through 5 on page 2, and inserting:

“equivalent, or better.

     (b) Collateralized mortgage obligations that are rated by a nationally recognized rating service as “AAA” or its equivalent.

     (c) Asset-backed securities that are rated by a nationally recognized rating service as “AAA” or its equivalent.

     2.  With respect to investments purchased pursuant to paragraph (a) of subsection 1:

     (a) Such investments must not, in aggregate value, exceed 20 percent of the total portfolio as determined on the date of purchase;

     (b) Not more than 25 percent of such investments may be in notes, bonds and other unconditional obligations issued by any one corporation; and

     (c) If the rating of an obligation is reduced to a level that does not meet the requirements of that paragraph, the obligation must be sold as soon as possible.

     3.  Subsections 1 and 2 do not:”.