Texas Transportation Code 172.303 – Bonds as Authorized Investments and Security for Deposits of Public Funds
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(a) District bonds are legal and authorized investments for:
(1) a bank;
(2) a trust company;
(3) a savings and loan association; and
(4) an insurance company.
(b) The bonds are:
(1) eligible to secure the deposit of public funds of this state or a municipality, a county, a school district, or any other political corporation or subdivision of this state; and
(2) lawful and sufficient security for the deposit to the extent of the principal amount or market value of the bonds, whichever is less.
Terms Used In Texas Transportation Code 172.303
- 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.