Sec. 1505.067.  DEPOSIT OF BOND PROCEEDS.  The governing body of a municipality that issues bonds under this subchapter shall:
(1)  if practicable, require that:
(A)  the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System;  and
(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
(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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.