Texas Education Code - Section 45.102. Investment Of Bond Proceeds In Obligations Of United States Or Interest-Bearing Secured Time Bank Deposits
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§ 45.102. INVESTMENT OF BOND PROCEEDS IN OBLIGATIONS OF
UNITED STATES OR INTEREST-BEARING SECURED TIME BANK DEPOSITS. (a)
A school district that has on hand proceeds received from the
issuance and sale of bonds or certificates of indebtedness of the
district that are not immediately needed for the purposes for which
the bonds or certificates of indebtedness were issued and sold,
may, on order of the board of trustees:
(1) place the proceeds on interest-bearing time
deposit, secured in the manner provided by Section 45.208, with a
state or national banking corporation in this state the deposits of
which are insured by the Federal Deposit Insurance Corporation; or
(2) invest the proceeds in bonds or other obligations
of the United States.
(b) Interest-bearing secured time deposits or bonds or
other obligations of the United States in which proceeds of bonds or
certificates of indebtedness are placed or invested must be of a
type that cannot be cashed, sold, or redeemed for an amount less
than the sum deposited or invested by the school district.
(c) When the sums placed or invested by a school district
are needed for the purposes for which the bonds or certificates of
indebtedness of the school district were originally authorized,
issued, and sold:
(1) the time deposits or bonds or other obligations of
the United States in which the sums have been placed or invested
shall be cashed, sold, or redeemed; and
(2) the proceeds shall be used for the purposes for
which the bonds or certificates of indebtedness of the school
district were originally authorized, issued, and sold.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Section: 45.082 45.083 45.084 45.085 45.086 45.087 45.101 45.102 45.103 45.104 45.105 45.106 45.107 45.108 45.109
Last modified: August 10, 2007
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