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.