Sec. 116.051. QUALIFICATION AS DEPOSITORY OR SUBDEPOSITORY. Within 15 days after the date a bank is selected as a county depository or subdepository, the bank must qualify as the depository or subdepository by providing security for the funds to be deposited by the county with the bank. The depository or subdepository may secure these funds, at the option of the commissioners court, by:
(1) personal bond; surety bond; bonds, notes, and other securities; first mortgages on real property; real property; certificates of deposit; or a combination of these methods, as provided by this subchapter; or
(2) investment securities or interests in them as provided by Chapter 726, Acts of the 67th Legislature, Regular Session, 1981 (Article 2529b-1, Vernon's Texas Civil Statutes).
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 1, Sec. 15(b), eff. Aug. 28, 1989; Acts 1991, 72nd Leg., ch. 527, Sec. 7, eff. Sept. 1, 1991.
Structure Texas Statutes
Chapter 116 - Depositories for County Public Funds
Subchapter C. Security for Funds Held by Depository
Section 116.051. Qualification as Depository or Subdepository
Section 116.052. Personal Bond
Section 116.054. Bonds, Notes, and Other Securities
Section 116.055. First Mortgages on Improved Real Property
Section 116.056. Real Property
Section 116.0565. Certificate of Deposit
Section 116.057. Condition of Personal Bond or Contract for Securities
Section 116.058. Amount of Security Required
Section 116.059. Valuation of Real Property Provided as Security
Section 116.060. Security Not Required for Federally Insured Deposits