Sec. 65.511. OBLIGATIONS; LEGAL INVESTMENT; SECURITY FOR FUNDS. (a) Bonds, notes, and other obligations issued by a district are legal and authorized investments for all banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, and trustees, guardians, and for interest and sinking funds and other public funds of the state and its agencies, including the permanent school fund, and counties, cities, school districts, and other political subdivisions of the state.
(b) A district's bonds, notes, and other obligations are eligible to secure deposits of public funds of the state and its agencies and counties, cities, school districts, and other political subdivisions of the state. The bonds, notes, and other obligations are lawful and sufficient security to the extent of their market value if accompanied by all unmatured interest coupons attached to them.
Added by Acts 1983, 68th Leg., p. 2448, ch. 435, Sec. 4, eff. Aug. 29, 1983. Amended by Acts 1985, 69th Leg., ch. 447, Sec. 1, eff. Nov. 15, 1985.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 65 - Special Utility Districts
Subchapter G. Issuance of Bonds and Notes
Section 65.501. Issuance of Bonds and Notes
Section 65.502. Form of Bonds and Notes
Section 65.503. Manner of Repayment of Bonds or Notes
Section 65.504. Additional Security for Bonds or Notes
Section 65.505. Method for Issuance of Bonds and Notes
Section 65.506. Provisions of Bonds or Notes
Section 65.507. Use of Bond or Note Proceeds
Section 65.508. Sale or Exchange of Bonds
Section 65.510. Refunding Bonds
Section 65.511. Obligations; Legal Investment; Security for Funds