Texas Government Code 2256.0208 – Local Government Investment of Bond Proceeds and Pledged Revenue
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(a) In this section, “pledged revenue” means money pledged to the payment of or as security for:
(1) bonds or other indebtedness issued by a local government;
(2) obligations under a lease, installment sale, or other agreement of a local government; or
(3) certificates of participation in a debt or obligation described by Subdivision (1) or (2).
(b) The investment officer of a local government may invest bond proceeds or pledged revenue only to the extent permitted by this chapter, in accordance with:
(1) statutory provisions governing the debt issuance or the agreement, as applicable; and
(2) the local government’s investment policy regarding the debt issuance or the agreement, as applicable.
Terms Used In Texas Government Code 2256.0208
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.