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Texas Water Code - WATER § 67.014. Depository for Funds; Permitted Investments

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

(a) The board shall select as depository for the funds of the corporation a bank in this state that is insured by the Federal Deposit Insurance Corporation and require from the depository a bond in an amount the board finds necessary to protect the corporation.

(b) Funds allocated by the board to a sinking fund for replacement, amortization of debts, and the payment of interest that are not required to be spent in the year in which deposited shall be:

(1) invested in bonds or other evidence of indebtedness of the United States;

(2) placed with the depository in an interest-bearing savings account;

(3) invested in shares or share accounts in a savings and loan association insured by the Federal Deposit Insurance Corporation; or

(4) invested in an investment that is authorized under Subchapter A, Chapter 2256, Government Code, and by a written investment policy approved by the board that complies with Section 2256.005, Government Code.

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Cite this article: FindLaw.com - Texas Water Code - WATER § 67.014. Depository for Funds; Permitted Investments - last updated January 01, 2024 | https://codes.findlaw.com/tx/water-code/water-sect-67-014/

Read this complete Texas Water Code - WATER § 67.014. Depository for Funds; Permitted Investments on Westlaw

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