Tex. Loc. Gov't Code § 306.053 · Subchapter D. FINANCING
BONDS AS NEGOTIABLE INSTRUMENTS AND AUTHORIZED INVESTMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.306.htm
- Text hash
- sha256 5e6db40b0fdfe7583782895c4b83353dc1b8825cbb741cb0af42b6322e75eefa
- 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
This section cites
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Business & Commerce Code
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.