(a) District bonds are legal and authorized investments for:
(1) a bank;
(2) a savings bank;
(3) a credit union;
(4) a trust company;
(5) a savings and loan association;
(6) an insurance company;
(7) a fiduciary;
(8) a trustee;
(9) a guardian; and
(10) a sinking fund of a municipality, county, school district, special district, and other political subdivision of this state and other public funds of this state and state agencies, including the permanent school fund.
(b) District bonds may secure deposits of public funds of the state or a municipality, county, school district, or other political subdivision of this state. The bonds are lawful and sufficient security for deposits to the extent of the bonds' value if accompanied by all unmatured coupons.
(c) District bonds are authorized investments under Chapter 2256, Government Code.