Texas Local Government Code 104.002 – Authority to Make Investments
Current as of: 2024 | Check for updates
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(a) The municipality may invest trust funds and special deposits in the custody of the municipality.
(b) The municipal official responsible for managing and conducting the municipality’s fiscal affairs shall make the investments. The investments are subject to the supervision and control of the governing body, as established by ordinance.
Terms Used In Texas Local Government Code 104.002
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) The municipality may invest the funds in amounts that are not required for immediate disbursement according to official estimates by purchasing obligations of the United States government or by placing the funds in time deposit accounts with one or more depository banks of the municipality.