Sec. 60.348. BONDS AS INVESTMENTS. (a) All bonds issued pursuant to this subchapter shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, building and loan associations, savings and loan associations, insurance companies, fiduciaries, trustees, guardians, and for the sinking fund of cities, towns, villages, counties, school districts, or other political corporations or subdivisions of the State of Texas.
(b) The bonds shall be eligible to secure the deposit of any and all public funds of the State of Texas, and any and all public funds of cities, towns, villages, counties, school districts, or other political corporations or subdivisions of the State of Texas and the bonds shall be lawful and sufficient security for the deposits to the extent of their face value, when accompanied by all unmatured coupons appurtenant thereto.
Added by Acts 1973, 63rd Leg., p. 770, ch. 343, Sec. 1, eff. Aug. 27, 1973.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter M. Tax Bonds, Revenue Bonds, and Combination Tax and Revenue Bonds
Section 60.331. Classes of Bonds Authorized
Section 60.332. Issuance of Bonds
Section 60.334. Maturity of Bonds
Section 60.335. Registered and Bearer Bonds
Section 60.336. Lost and Destroyed Bonds
Section 60.337. Approval of Converted or Substituted Bonds
Section 60.338. Bonds Secured by Revenues
Section 60.339. Bonds Payable From Taxes
Section 60.340. Bonds Payable From Both Taxes and Revenues
Section 60.341. Rates, Tolls, and Charges
Section 60.342. Use of Bond Proceeds
Section 60.344. Refunding Bonds
Section 60.345. Approval and Incontestability of Bonds
Section 60.346. Additional Security
Section 60.347. Investment of Bond Proceeds