Texas Special District Local Laws Code 1057.206 – Investment of General Obligation Bond Proceeds
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Terms Used In Texas Special District Local Laws Code 1057.206
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
Until the proceeds from the sale of general obligation bonds are needed to carry out the bond purpose, the proceeds may be:
(1) invested in direct obligations of the United States; or
(2) placed on time deposit.