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Texas Government Code - GOV'T § 1505.067. Deposit of Bond Proceeds

Current as of January 01, 2024 | Updated by Findlaw Staff

The governing body of a municipality that issues bonds under this subchapter shall:

(1) if practicable, require that:

(A) the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System;  and

(B) each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit;  or

(2) if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1505.067. Deposit of Bond Proceeds - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1505-067/

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