Texas Transportation Code

§ 366.117 — FURNISHING OF INDEMNIFYING BONDS OR PLEDGES OF SECURITIES

TN § 366.117Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 366. REGIONAL TOLLWAY AUTHORITIES · Art. D. TURNPIKE FINANCING

Statute text

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(a)A bank or trust company incorporated under the laws of this state that acts as depository of the proceeds of bonds or of revenue may furnish indemnifying bonds or pledge securities that an authority requires.

(b)Bonds of an authority may secure the deposit of public money of the state or a political subdivision of the state to the extent of the lesser of the face value of the bonds or their market value.

Legislative history

Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.