Tex. Water Code § 67.014 · Subchapter A. GENERAL PROVISIONS
DEPOSITORY FOR FUNDS; PERMITTED INVESTMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board shall select as depository for the funds of the corporation a bank in this state that is insured by the Federal Deposit Insurance Corporation and require from the depository a bond in an amount the board finds necessary to protect the corporation.
(b) Funds allocated by the board to a sinking fund for replacement, amortization of debts, and the payment of interest that are not required to be spent in the year in which deposited shall be:
(1) invested in bonds or other evidence of indebtedness of the United States;
(2) placed with the depository in an interest-bearing savings account;
(3) invested in shares or share accounts in a savings and loan association insured by the Federal Deposit Insurance Corporation; or
(4) invested in an investment that is authorized under Subchapter A, Chapter 2256, Government Code, and by a written investment policy approved by the board that complies with Section 2256.005, Government Code.
Notes and commentary — not statutory text
History
Added by Acts 1997, 75th Leg., ch. 166, Sec. 2, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 258, Sec. 1, 2, eff. May 28, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.67.htm
- Text hash
- sha256 196b0bf773171780616f8af8187bd1b7e658149018b97a21fd6d869c4d2799f1
- 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
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
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.