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Texas Statutes (Last Updated: January 4, 2014) |
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LOCAL GOVERNMENT CODE |
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Title 12. PLANNING AND DEVELOPMENT |
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Subtitle A. MUNICIPAL PLANNING AND DEVELOPMENT |
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Chapter 375. MUNICIPAL MANAGEMENT DISTRICTS IN GENERAL |
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Subchapter J. BONDS |
Sec. 375.206. AUTHORIZED INVESTMENTS; SECURITY
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(a) District bonds are legal and authorized investments for:
(1) banks, trust companies, and savings and loan associations;
(2) insurance companies;
(3) fiduciaries, trustees, and guardians; and
(4) all interest and sinking funds and other public funds of the state and agencies, subdivisions, and instrumentalities of the state, including counties, municipalities, towns, villages, school districts, and all other kinds and types of districts, public agencies, and bodies politic.
(b) District bonds are eligible and lawful security for deposits of counties, municipalities, towns, villages, school districts, and all other kinds and types of districts, public agencies, and bodies politic, to the extent of the market value of the bonds, when accompanied by any unmatured interest coupons appurtenant to the bonds.