Texas Local Government Code 271.008 – Authorized Investments
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Terms Used In Texas Local Government Code 271.008
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
The contract is a legal and authorized investment for:
(1) banks, savings banks, trust companies, and savings and loan associations;
(2) insurance companies;
(3) fiduciaries and trustees; and
(4) the sinking funds of a county, municipality, school district, or other political subdivision or corporation of this state.