1002.305 – INVESTMENT OF GENERAL OBLIGATION BOND PROCEEDS.
Texas Special District Local Laws Code § 1002.305
Summary
This law allows entities that issue general obligation bonds to invest the proceeds in U.S. securities or deposit them in time deposits or certificates of deposit until they are needed. This provision helps manage the funds effectively while awaiting their use for the intended purpose of the bonds.
Proceeds can be invested until needed for bond purposes.
Permitted investments include U.S. securities and time deposits.
Helps in managing funds efficiently before expenditure.
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In simple terms: Learn about Texas's INVESTMENT OF GENERAL OBLIGATION BOND PROCEEDS. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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