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Texas Special District Local Laws Code - SDLL § 8511.0506. Investment of Authority Money; Application of Income from Investments

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

(a) Money in the authority's treasury that is not required for the current payment of obligations of the authority or for sinking funds and that the board considers available for investment may be invested or reinvested by the authority in:

(1) direct obligations of the United States;

(2) obligations the principal and interest of which are guaranteed by the United States;

(3) direct obligations of or participation certificates guaranteed by:

(A) a farm credit bank;

(B) the Federal National Mortgage Association;

(C) a federal home loan bank;

(D) a bank for cooperatives; or

(E) the successor or successors to any of the entities listed in this subdivision;

(4) certificates of deposit of a bank or trust company the deposits of which are fully secured by a pledge of securities of any of the kind specified by Subdivision (3);

(5) other securities made eligible for investment under this section by other laws and constitutional provisions; or

(6) a combination of the investments listed in this subsection.

(b) The board shall determine the type and maturity of investments made under this section.

(c) A resolution relating to the issuance of bonds must provide appropriate recitals with regard to the investment of money in funds established in connection with the authorization of the bonds.

(d) The board shall direct the application of income from investments made under this section.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8511.0506. Investment of Authority Money; Application of Income from Investments - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8511-0506/

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