Texas § 1505.067 DEPOSIT OF BOND PROCEEDS.

Texas Statutes

§ 1505.067 — DEPOSIT OF BOND PROCEEDS.

Texas § 1505.067

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 1505.067 (2026).

Text

Sec. 1505.067. DEPOSIT OF BOND PROCEEDS. The governing body of a municipality that issues bonds under this subchapter shall:

(1)if practicable, require that:

(A)the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System; and

(B)each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit; or

(2)if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.

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Sec. 1505.067. DEPOSIT OF BOND PROCEEDS. The governing body of a municipality that issues bonds under this subchapter shall:
(1) if practicable, require that:
(A) the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System; and
(B) each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit; or
(2) if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.