Sec. 162.047. BONDS AS INVESTMENTS AND SECURITY.
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Sec. 162.047. BONDS AS INVESTMENTS AND SECURITY.
(a)Bonds issued under this chapter are legal and authorized investments for banks, savings banks, trust companies, building and loan associations, insurance companies, fiduciaries, trustees, guardians, and the sinking funds of cities, towns, villages, counties, school districts, and other political subdivisions and public agencies of the state.
(b)The bonds are legal and sufficient security for the deposits in the amount of the par value of the bonds.
Added by Acts 1983, 68th Leg., p. 547, ch. 115, Sec. 1. Amended by Acts 1993, 73rd Leg., ch. 242, Sec. 2.14, eff. Aug. 30, 1993.