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Texas Statutes (Last Updated: January 4, 2014) |
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HEALTH AND SAFETY CODE |
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Title 5. SANITATION AND ENVIRONMENTAL QUALITY |
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Subtitle B. SOLID WASTE, TOXIC CHEMICALS, SEWAGE, LITTER, AND WATER |
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Chapter 362. SOLID WASTE RESOURCE RECOVERY FINANCING ACT |
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Subchapter C. BONDS |
Sec. 362.042. LEGAL INVESTMENTS; SECURITY FOR DEPOSITS
Latest version.
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(a) Bonds issued under this chapter are legal and authorized investments for:
(1) a bank;
(2) a savings bank;
(3) a trust company;
(4) a savings and loan association;
(5) an insurance company;
(6) a fiduciary;
(7) a trustee; and
(8) a sinking fund of a municipality, county, school district, or other political corporation or subdivision of the state.
(b) The bonds may secure the deposits of public funds of the state or a municipality, county, school district, or other political corporation or subdivision of the state. The bonds are lawful and sufficient security for those deposits in an amount up to their face value, if accompanied by all appurtenant unmatured coupons.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.