Section 307.045 - Bonds As Negotiable Instruments and Authorized Investments(a) All bonds issued under this chapter are negotiable instruments under Chapter 3, Business & Commerce Code.(b) The bonds are legal investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees, and guardians, and for the sinking funds of municipalities, counties, school districts, and other political corporations or political subdivisions of the state.(c) The bonds are eligible to secure the deposit of any public funds of the state or of a municipality, county, school district, or other political corporation or political subdivision of the state. The bonds are sufficient security for the deposits to the extent of their face value when accompanied by all unmatured appurtenant interest coupons.Tex. Loc. Gov't. Code § 307.045
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.