EFTA Document EFTA01378360

Municipal Credit > Investment Grade State of Texas Updated: Oct 31, 2015 Trade Idea: o Buy state of Texas general obligation bonds. Investment Rationale: 0 Security: The bonds are general obligations to which the state of Texas pledges its full faith and credit. 0 The state's general fund balance is solid with a balance of $18 billion or 19% of general fund revenues for FY14. The state has considerable resources in its Rainy Day Fund (Economic Stabilization Fund), which had a $7 billion