Sec. 67.014. DEPOSITORY FOR FUNDS; PERMITTED INVESTMENTS. (a) The board shall select as depository for the funds of the corporation a bank in this state that is insured by the Federal Deposit Insurance Corporation and require from the depository a bond in an amount the board finds necessary to protect the corporation.
(b) Funds allocated by the board to a sinking fund for replacement, amortization of debts, and the payment of interest that are not required to be spent in the year in which deposited shall be:
(1) invested in bonds or other evidence of indebtedness of the United States;
(2) placed with the depository in an interest-bearing savings account;
(3) invested in shares or share accounts in a savings and loan association insured by the Federal Deposit Insurance Corporation; or
(4) invested in an investment that is authorized under Subchapter A, Chapter 2256, Government Code, and by a written investment policy approved by the board that complies with Section 2256.005, Government Code.
Added by Acts 1997, 75th Leg., ch. 166, Sec. 2, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 258, Sec. 1, 2, eff. May 28, 1999.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 67 - Nonprofit Water Supply or Sewer Service Corporations
Subchapter A. General Provisions
Section 67.002. Purpose of Corporation
Section 67.003. Creation of Corporation
Section 67.004. Application of Texas Non-Profit Corporation Act
Section 67.0051. Qualifications for Election or Appointment as Director
Section 67.0052. Ballot Application
Section 67.0054. Election Procedures
Section 67.0055. Election of Unopposed Candidate
Section 67.007. Annual or Special Meeting of Retail Corporation
Section 67.0075. Annual or Special Meeting of Other Corporation
Section 67.008. Distribution of Profits
Section 67.010. Power to Contract With Other Entities
Section 67.0105. Water for Fire Suppression
Section 67.011. Additional Powers of Corporation
Section 67.011. Powers of Corporation in Certain Counties
Section 67.012. Use of Manager
Section 67.013. Use of Counsel
Section 67.014. Depository for Funds; Permitted Investments
Section 67.015. Exemption From Securities Act
Section 67.016. Transfer or Cancellation of Stock, Membership, or Other Right of Participation
Section 67.017. Voluntary Contributions on Behalf of Emergency Services