Tex. Transp. Code Section 453.057
Investments

(a)

A board may invest transit department funds in any obligation, security, or evidence of indebtedness in which the municipality for which the transit department was created may invest municipal funds.

(b)

In making an investment of transit department funds, a board shall exercise the judgment and care, under the circumstances prevailing at the time of making the investment, that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs in making a permanent and nonspeculative disposition of their funds, considering the probable income from the disposition and the probable safety of their capital.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.

Source: Section 453.057 — Investments, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­453.­htm#453.­057 (accessed May 4, 2024).

453.001
Definitions 453.002
Excluded Municipalities 453.003
Continuing Application of Chapter 453.051
Creation of Transit Department 453.052
Administration of Transit Department 453.053
Board 453.054
Board Meetings 453.055
Conflicts of Interest: Transit Department Employees 453.056
Transfer of Municipal Resources to Transit Department 453.057
Investments 453.058
Accounts and Deposit of Money 453.059
Liability of Creating Municipality 453.060
Prohibition of Consumption of Alcoholic Beverage 453.061
Transportation Disadvantaged 453.101
Powers Applicable to Transit Department Having Tax 453.102
Acquiring and Disposing of Property 453.103
Transit Department System 453.104
Fares and Other Charges 453.105
Agreement with Utilities, Carriers 453.106
Contracts 453.107
Use and Acquisition of Property of Others 453.108
Routes 453.109
Tort Liability and Governmental Immunity 453.110
Tax Exemption 453.151
Board to Order Tax Election 453.152
Notice of Election 453.153
Ballot Proposition 453.154
Results of Election 453.201
Transportation for Jobs Program Participants 453.202
Waiver of Federal Requirements 453.301
Definition 453.302
Power to Issue Bonds 453.303
Bond Terms 453.304
Sale 453.305
Approval 453.306
Incontestability 453.307
Security Pledged 453.308
Pledge of Revenue Limited 453.309
Refunding Bonds 453.310
Bonds as Authorized Investments 453.311
Interest Exemption 453.401
Sales and Use Tax 453.402
Maximum Tax Rate 453.403
Election to Change Tax Rate 453.404
Sales Tax: Effective Dates 453.451
Election to Dissolve Transit Department 453.452
Election Procedures 453.453
Ballots 453.454
Effective Date of Dissolution
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 453.057’s source at texas​.gov