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Texas Transportation Code - TRANSP § 173.303. Bonds as Authorized Investments and Security for Deposits of Public Funds

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

(a) District bonds and notes are legal and authorized investments for:

(1) a bank;

(2) a trust company;

(3) a savings and loan association; and

(4) an insurance company.

(b) The bonds and notes are:

(1) eligible to secure the deposit of public funds of this state or a municipality, a county, a school district, or any other political corporation or subdivision of this state; and

(2) lawful and sufficient security for the deposit to the extent of the principal amount or market value of the bonds or notes, whichever is less.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 173.303. Bonds as Authorized Investments and Security for Deposits of Public Funds - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-173-303/

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