Texas § LG.116.054 - BONDS, NOTES, AND OTHER SECURITIES
Full text of Texas The Texas Constitution § LG.116.054 — BONDS, NOTES, AND OTHER SECURITIES, with citation guidance and answers to common questions.
§ LG.116.054. BONDS, NOTES, AND OTHER SECURITIES
BONDS, NOTES, AND OTHER SECURITIES. (a) A county depository may pledge with the commissioners court as security under this subchapter: (1) a bond, note, security of indebtedness, or other evidence of indebtedness of the United States if the evidence of indebtedness is supported by the full faith and credit of the United States or is guaranteed as to principal and interest by the United States; (2) a bond of this state or of a county, municipality, independent school district, or common school district; (3) a bond issued under the federal farm loan acts; (4) a road district bond; (5) a bond, pledge, or other security issued by the board of regents of The University of Texas System; (6) bank acceptances of banks having a capital stock of at least $500,000; (7) a note or bond secured by mortgages insured and debentures issued by the Federal Housing Administration; (8) shares or share accounts of a savings and loan association organized under the laws of this state or of a federal savings and loan association domiciled in this state if the payment of the share or share accounts is insured by the Federal Savings and Loan Insurance Corporation; or (9) a bond issued by a municipal corporation in this state. (b) Securities provided under this section must have a total market value equal to the amount of the depository bond. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Frequently Asked Questions About Texas § LG.116.054
What does The Texas Constitution § LG.116.054 cover?
Section LG.116.054 ("BONDS, NOTES, AND OTHER SECURITIES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § LG.116.054?
A common citation format is "The Texas Constitution § LG.116.054" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § LG.116.054 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.