Sec. 370.117. FURNISHING OF INDEMNIFYING BONDS OR PLEDGES OF SECURITIES. (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 this state or a political subdivision of this state to the extent of the lesser of the face value of the bonds or their market value.
Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 370 - Regional Mobility Authorities
Subchapter D. Transportation Project Financing
Section 370.111. Transportation Revenue Bonds
Section 370.112. Interim Bonds
Section 370.113. Payment of Bonds; State and County Credit
Section 370.114. Effect of Lien
Section 370.115. Bond Indenture
Section 370.116. Approval of Bonds by Attorney General
Section 370.117. Furnishing of Indemnifying Bonds or Pledges of Securities