Texas Education Code - Section 45.112. Contracts For Investment Of Debt Service Funds
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§ 45.112. CONTRACTS FOR INVESTMENT OF DEBT SERVICE
FUNDS. (a) A school district, including a junior college district
or community college district, may enter into a contract with a term
not to exceed seven years to purchase investments with the proceeds
of taxes levied or to be levied by the district for the purpose of
paying debt service on bonds issued by the district.
(b) A contract under this section may provide for the
purchase of investments at a stated yield or yields.
(c) Before entering a contract under this section, a school
district must solicit and receive bids from at least three separate
providers. The district must accept the qualifying bid that
provides for the highest yield investments over the term of the
contract.
(d) A contract under this section may provide only for the
purchase of an obligation described by Section 2256.009(a)(1),
Government Code, other than an obligation described by Section
2256.009(b) of that code.
Added by Acts 1999, 76th Leg., ch. 1535, § 1, eff. June 19, 1999.
Section: 45.105 45.106 45.107 45.108 45.109 45.110 45.111 45.112 45.151 45.152 45.153 45.154 45.155 45.156 45.157
Last modified: August 10, 2007
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