(a) District bonds are legal and authorized investments for:(1) a bank;(2) a trust company;(3) a savings and loan association; and(4) an insurance company.(b) The bonds are:(1) eligible to secure the deposit of public funds of this state or a municipality, a county, a school district, or any other political corporation or subdivision of this state; and(2) lawful and sufficient security for the deposit to the extent of the principal amount or market value of the bonds, whichever is less. Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.
Texas Legal Code