Texas Local Government Code 601.036 – Eligibility for Investment
Current as of: 2024 | Check for updates
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(a) A bond is a security in which a public officer or body of the state or a municipality or municipal subdivision, insurance company, bank, trust company, savings and loan association, or investment company may invest.
(b) A bond is not eligible for the investment of funds of a trust, estate, or guardianship under the control of an individual fiduciary.
Terms Used In Texas Local Government Code 601.036
- Fiduciary: A trustee, executor, or administrator.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
(c) A bond may be deposited with a public officer or body of the state or a municipality or municipal subdivision for any purpose for which a bond of the state may be deposited.