Sec. 772.228.  BONDS AS INVESTMENTS AND SECURITY FOR DEPOSITS.  (a)  District bonds are legal and authorized investments for:
(1)  a bank; 
(2)  a savings bank; 
(3)  a trust company; 
(4)  a savings and loan association; 
(5)  an insurance company; 
(6)  a fiduciary; 
(7)  a trustee; 
(8)  a guardian;  and
(9)  a sinking fund of a municipality, county, school district, and other political subdivision of the state and other public funds of the state and its agencies, including the permanent school fund.
(b)  District bonds are eligible to secure deposits of public funds of the state and municipalities, counties, school districts, and other political subdivisions of the state.  The bonds are lawful and sufficient security for deposits to the extent of their value when accompanied by all unmatured coupons.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.