{"data":{"id":"us-tx/tex.-government-code-1505.067","jurisdiction":"us-tx","citation":"Tex. Government Code § 1505.067","heading":"DEPOSIT OF BOND PROCEEDS.","body":"The governing body of a municipality that issues bonds under this subchapter shall:\n(1) if practicable, require that:\n(A) the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System; and\n(B) each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit; or\n(2) if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.\nAdded by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.","path":["GOVERNMENT CODE","TITLE 9. PUBLIC SECURITIES","SUBTITLE J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE SECURITIES","CHAPTER 1505. OBLIGATIONS FOR COASTAL MUNICIPALITIES FOR COASTAL MATTERS","SUBCHAPTER B. BONDS FOR NAVIGATIONAL FACILITIES IN CERTAIN COASTAL MUNICIPALITIES"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1505.htm#1505.067","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"41bb8d00d06d12253e138808799b753a1404f475a9198d6852cab77341584492","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-1505.066","next":"us-tx/tex.-government-code-1505.068"},"notice":"GroundRules: Original legal text. Not legal advice."}