Texas Transportation Code

§ 453.310 — BONDS AS AUTHORIZED INVESTMENTS

TN § 453.310Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 453. MUNICIPAL TRANSIT DEPARTMENTS · Art. G. BONDS

Statute text

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(a)A transit department's bonds are authorized investments for:

(1)a bank;

(2)a trust company;

(3)a savings and loan association; and

(4)an insurance company.

(b)The bonds, when accompanied by all appurtenant, unmatured coupons and to the extent of the lesser of their face value or market value, are eligible to secure the deposit of public funds of this state, a political subdivision of this state, and any other political corporation of this state.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.