Texas Special District Local Laws Code 1111.206 – Investment of General Obligation Bond Proceeds
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Terms Used In Texas Special District Local Laws Code 1111.206
- 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 general obligation bond proceeds 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.