Tex. Local Gov't Code Section 306.053
Bonds as Negotiable Instruments and Authorized Investments

(a)

The bonds are negotiable instruments and investment securities governed by Chapter 8 (Security Instruments), 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.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Section 306.053 — Bonds as Negotiable Instruments and Authorized Investments, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­306.­htm#306.­053 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 306.053’s source at texas​.gov