Sec. 453.057. INVESTMENTS. (a) A board may invest transit department funds in any obligation, security, or evidence of indebtedness in which the municipality for which the transit department was created may invest municipal funds.
(b) In making an investment of transit department funds, a board shall exercise the judgment and care, under the circumstances prevailing at the time of making the investment, that persons of ordinary prudence, discretion, and intelligence exercise in the management of their own affairs in making a permanent and nonspeculative disposition of their funds, considering the probable income from the disposition and the probable safety of their capital.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 453 - Municipal Transit Departments
Subchapter B. Creation and Administration of Transit Department
Section 453.051. Creation of Transit Department
Section 453.052. Administration of Transit Department
Section 453.054. Board Meetings
Section 453.055. Conflicts of Interest: Transit Department Employees
Section 453.056. Transfer of Municipal Resources to Transit Department
Section 453.058. Accounts and Deposit of Money; Dedication of Money
Section 453.059. Liability of Creating Municipality
Section 453.060. Prohibition of Consumption of Alcoholic Beverage