Sec. 489.258. BONDS AS LEGAL INVESTMENTS FOR FIDUCIARIES AND OTHER PERSONS. (a) Bonds of the bank issued under this subchapter are securities in which all public officers and bodies of this state; municipalities; municipal subdivisions; insurance companies and associations and other persons carrying on an insurance business; banks, bankers, trust companies, savings and loan associations, investment companies, and other persons carrying on a banking business; administrators, guardians, executors, trustees, and other fiduciaries; and other persons authorized to invest in other obligations of this state may invest funds, including capital, in their control or belonging to them.
(b) Notwithstanding any other provision of law, the bonds of the bank issued under this subchapter are also securities that may be deposited with and received by public officers and bodies of this state and municipalities and municipal subdivisions for any purpose for which the deposit of other obligations of the state are authorized.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
Structure Texas Statutes
Subtitle F - Commerce and Industrial Development
Chapter 489 - Texas Economic Development Bank
Subchapter E. Texas Small and Rural Community Success Fund
Section 489.252. Texas Small and Rural Community Success Fund
Section 489.253. Revenue-Based Bonds Authorized
Section 489.254. Bond Sale and Issuance
Section 489.255. Agreements in Bonds
Section 489.256. Refunding Bonds
Section 489.257. Use of Bond Proceeds
Section 489.258. Bonds as Legal Investments for Fiduciaries and Other Persons