Texas Health and Safety Code 221.068 – Legal Investments; Security for Deposits
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(a) Unless made ineligible under other law, rules, or rulings, bonds are legal and authorized investments for:
(1) a bank;
(2) a savings bank;
(3) a trust company;
(4) a savings and loan association;
(5) an insurance company;
(6) a fiduciary, trustee, or guardian; and
(7) a sinking fund of a municipality, county, school district, or other political corporation or subdivision of the state.
(b) The bonds may secure the deposit of public funds of the state or a municipality, county, school district, or other political corporation or subdivision of the state. The bonds are lawful and sufficient security for those deposits at their face value if accompanied by all appurtenant unmatured coupons, if any.
Terms Used In Texas Health and Safety Code 221.068
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Trustee: A person or institution holding and administering property in trust.