Case Information
*1 OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Ron. V. B. Coar
Gountp Attorney
Blanc0 County
this department has been received an quote the applioable of your 1 portion
tax was votea by County of Blanoo.
ct Xo. Three deeirePr to borrow (iusstfon: Can the Gom- arent. from your lstter of January 19, oo County Speofal Right of Way Fund 1s alearly a sinking Lund, snd is a funa orested for extin- &shln& and paping a funded t&b*.
In the Revised Civil LNatutes, we Z%nd only Articlse Whioh prtiibe fer the investment of eink- three in@ funds, suoh as here invoLved. *2 Eon. v. 3. Coar, page 2
"Article 779. Investment cf ainking fund. - The Cos&zsIoners( Cousts may Invest sinking funds aacumulated for the redemption and payuaot of any bonds lssued'by such oounty, politioal subdivision 0r aefined district th4r00r, In bonds of the United States, of Texas, or any county In this State; or in bonds; of the Federal Farm Loan Bank system. xo such bona8 ahall be.purchased which, acoordine to their terna, mature et a date eubsacuent to the time of maturity oi the bonds for the psyment of whloh such sinking fxnt3 was created.*
"Arti 836. Investments. - The legally authorized governing body of any county, city or towu , or the trustees of any sohool district or school oommunity, may lnveet their respsotive sink- ing funds for the redemption and payiEent of the outstandInS bonds of such county, city or town, or aommunity, In bonds of the United States, war- savings certifiaates, and certitioatea of lndebted- by the Secretary of the Treasury of ness Issued the United Btatee, and In bonds of Texas, or any 00unty of this State, or of any lnoorporated city or town. NO such bonds shall be purchased which, acoordinq~to their terms, mature at a date subse- quent to the time of maturity or the bonds for the payment of tiich auoh sinking fund was created.*
-Art [1014] 637. Secondary Investments. - In th.e event a Soverning body Is unable to purohase securIt.Ies of the oharacter mentioned In the pre- ceding artiale, which mature at a date prior to the tine of ~rr~turity of the bonds for the payment of which suoh sinking fiind was created, then they may invest such funds In the bonds of any school distriat or school oommunity authorized to Issue bonds, under the same restrictions ss provided in the precedlnp article.4 It Is the settled law of this Stats that oommis- - __ -. - . _ -1 ._ _ .
sinners court3 ar0 oourta of llnften Jurisdlctlon, navzng only such powers, duties and authority as the Legislature may oonfer upon them. In the absexoe of suoh oonferred authority or power the commissioners aourt has none. S44 El Paso vs. glam, 106 3.W. (26) 393; "award vs. Benderson county, 116 9-W. (Zd) 479.
Eon. V. 3. Gobr, Eege 3
It will be observed that no provision is zade in the three Articles set out above for any loan, imestsent, 01‘ disponition of the sinking find of a political subdivision such as Is contemplated by the Comissioaera Court of Blanco county.
Therefore, it is the opinion of' this departmat, and you are respeotfully advised that the ComiJsioners Court of Blanoo County oannot lawfully loan the &,500.00 taken born the Blaze0 County Speoial Right of Xay i+'und to Road Frecinat No. 3.
Trustlnp; that the above satisfactorily answers your inquiry, we remin
Yours very truly ATTORiiBY (X2WU.L CFTEXAS cw:pbp