Sec. 1057.206. INVESTMENT OF GENERAL OBLIGATION BOND PROCEEDS. Until the proceeds from the sale of general obligation bonds are needed to carry out the bond purpose, the proceeds may be:
(1) invested in direct obligations of the United States; or
(2) placed on time deposit.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
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