Any part of the proceeds of general obligation bonds, until they are needed for the purpose for which the bonds were issued, may be invested in securities of the United States or placed on time deposit or in certificates of deposit.
Tex. Spec. Dist. Local Laws Code § 1002.305
INVESTMENT OF GENERAL OBLIGATION BOND PROCEEDS
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.