Sec. 116.027. SELECTION OF NONAPPLICANT DEPOSITORY. (a) If no application to be a county depository is submitted, or if all of the applications are declined, the commissioners court shall deposit the funds of the county with any one or more banks in the county or in the adjoining counties in the amounts and for the periods as the commissioners court considers advisable.
(b) A bank that receives deposits under this section shall provide security in the manner and form, and subject to the same conditions, as is required for a depository of county funds. The penalty of the security must at least equal the total amount of county funds deposited with the bank.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Chapter 116 - Depositories for County Public Funds
Subchapter B. Establishment of Depository
Section 116.021. Depository and Subdepository Contracts
Section 116.024. Selection of Depositories and Subdepositories
Section 116.025. Designation of Depository or Subdepository