Sec. 1503.009. INVESTMENT OF BOND PROCEEDS AND FUNDS. (a) The bond proceeds, until they are needed for the purpose for which the bonds were issued, may be invested in direct obligations of the United States, placed on time deposit, or both.
(b) Money in an interest and sinking fund, reserve fund, or any other fund established or provided for in the ordinance authorizing the bonds may be invested in the manner and in the securities as provided in that ordinance.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1503 - Obligations for Municipal Airports
Subchapter A. Revenue Bonds for Airports
Section 1503.001. Authority to Issue Revenue Bonds
Section 1503.002. Bonds Payable From Revenue
Section 1503.003. Pledge of Tax for Operation and Maintenance Expenses; Proceeds
Section 1503.004. Contents of Ordinance Authorizing Bonds
Section 1503.005. Adoption and Execution of Documents
Section 1503.008. Sale of Bonds
Section 1503.009. Investment of Bond Proceeds and Funds