Sec. 457.056. INVESTMENTS. (a) A board may invest authority funds in any obligation, security, or evidence of indebtedness in which the principal municipality may invest municipal funds.
(b) In making an investment of authority 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.
Added by Acts 1997, 75th Leg., ch. 165, Sec. 30.35(a), eff. Sept. 1, 1997.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 457 - County Mass Transit Authority
Subchapter B. Creation and Administration of Authority
Section 457.051. Creation of Authority
Section 457.052. Board of Authority
Section 457.053. Confirmation Election
Section 457.054. Conflicts of Interest: Authority Employees
Section 457.055. Transfer of Resources Between Municipality and Authority