Tex. Gov't Code § 1505.067 · Subchapter B. BONDS FOR NAVIGATIONAL FACILITIES IN CERTAIN COASTAL MUNICIPALITIES
DEPOSIT OF BOND PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
The governing body of a municipality that issues bonds under this subchapter shall:
(1) if practicable, require that:
(A) the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System; and
(B) each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit; or
(2) if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1505.htm
- Text hash
- sha256 c552d0634b217260ef412f5c56314a86a2b6604f426d374acc09d1fb43bab6ac
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.