Texas Insurance Code - Section 424.070. Authorized Investments: Obligations Of Local Governmental Entities
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 424.070. Authorized Investments: Obligations Of Local Governmental Entities
§ 424.070. AUTHORIZED INVESTMENTS: OBLIGATIONS OF LOCAL
GOVERNMENTAL ENTITIES. (a) Subject to this section, an insurer may
invest the insurer's funds in excess of minimum capital and surplus
in a bond or other interest bearing evidence of indebtedness of a:
(1) county or subdivision of a county;
(2) municipality;
(3) road district;
(4) turnpike district or authority;
(5) water district;
(6) school district;
(7) sanitary or navigation district; or
(8) municipally owned revenue water system, sewer
system, or electric utility company with respect to which the
municipality has appropriated, pledged, or otherwise provided for
special revenues to meet the principal and interest payments of the
bond or other evidence of indebtedness.
(b) A bond or other evidence of indebtedness of a navigation
district is an authorized investment under this section only if:
(1) the navigation district is located wholly or
partly in a county that has a population of at least 100,000; and
(2) the interest due on the bond or other evidence of
indebtedness has never been in default.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.063 424.064 424.065 424.066 424.067 424.068 424.069 424.070 424.071 424.072 424.073 424.074 424.101 424.102 424.103
Last modified: August 10, 2007
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