Tex. Local Government Code § 306.053
BONDS AS NEGOTIABLE INSTRUMENTS AND AUTHORIZED INVESTMENTS
Texas · Texas Local Government Code · Status: effective
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- Citation
- Tex. Local Government Code § 306.053, BONDS AS NEGOTIABLE INSTRUMENTS AND AUTHORIZED INVESTMENTS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/691937
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Full text
(a) The bonds are negotiable instruments and investment securities governed by Chapter 8, Business & Commerce Code.
(b) The bonds are authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees, and guardians, and for the sinking funds of municipalities, counties, school districts, and other political corporations or subdivisions of the state.
(c) The bonds are eligible to secure the deposit of public funds of the state and of municipalities, counties, school districts, and other political corporations or subdivisions of the state, and are sufficient security for those deposits to the extent of their face value if accompanied by all unmatured appurtenant interest coupons.