1/12/11

Today, Texas Attorney General Opinion No. GA-0834 (2011) was issued on "Whether a local governmental body subject to the Public Funds Investment Act, chapter 2256, Government Code, may invest in money market and other demand accounts."

The Summary to the Opinion stated,

"While a local governmental body may "invest" its funds in money market deposit accounts under chapter 2256, Government Code, the Public Funds Investment Act, those funds are governed, when they exceed the maximum amount insured under federal law, by chapter 2257, Government Code, the Public Funds Collateral Act."

To read the opinion, click on the link below.

https://www.oag.state.tx.us/opinions/opinions/50abbott/op/2011/htm/ga-0834.htm