Sec. 116.058. AMOUNT OF SECURITY REQUIRED. (a) Personal or surety bonds that secure county deposits must be in an amount equal to the estimated highest daily balance of the county, as determined by the commissioners court. However, the commissioners court may not estimate the highest daily balance at an amount that is less than 75 percent of the highest daily balance of the county for the preceding year, less the amount of bond funds received and expended.
(b) Securities pledged to secure county funds on deposit in a depository must be in an amount equal to the amount of those funds. However, real property securities may not be required in an amount greater than 25 percent of the assessed value of the property in the county, as shown by the certified tax roll for the preceding year.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
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