Tex. Transp. Code § 370.117 · Subchapter D. TRANSPORTATION PROJECT FINANCING
FURNISHING OF INDEMNIFYING BONDS OR PLEDGES OF SECURITIES.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A bank or trust company incorporated under the laws of this state that acts as depository of the proceeds of bonds or of revenue may furnish indemnifying bonds or pledge securities that an authority requires.
(b) Bonds of an authority may secure the deposit of public money of this state or a political subdivision of this state to the extent of the lesser of the face value of the bonds or their market value.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.370.htm
- Text hash
- sha256 786b69b23496ae929b180c58a2a2c069cfe7d80dc1afda9ab7b9dfc6e18cf56e
- 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.