Texas Water Code

§ 51.039 — BONDS OF MUNICIPAL DISTRICTS

WA § 51.039Title 4. GENERAL LAW DISTRICTS · Ch. 51. WATER CONTROL AND IMPROVEMENT DISTRICTS · Art. B. CREATION OF DISTRICT; CONVERSION OF DISTRICT

Statute text

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(a)A district operating under Section 51.038 of this code may issue bonds which bear the legend "municipal bond."

(b)Bonds issued in compliance with this section and with Section 51.038 of this code shall be eligible for investment of the funds of:

(1)state banks, trust funds, and savings banks;

(2)insurance companies, for the purpose of holding the bonds as legal reserves against liability under their contracts for insurance or for investment of an accumulated surplus;

(3)counties, cities, towns, and other political bodies, for the purpose of investing the accumulated sinking fund money of those bodies;

(4)the State Board of Education and the regents of The University of Texas System; and

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Legislative history

Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.