Sec. 2257.024. CONTRACT FOR SECURING DEPOSIT OF PUBLIC FUNDS. (a) A public entity may contract with a bank that has its main office or a branch office in this state to secure a deposit of public funds.
(b) The contract may contain a term or condition relating to an investment security used as security for a deposit of public funds, including a term or condition relating to the:
(1) possession of the collateral;
(2) substitution or release of an investment security;
(3) ownership of the investment securities of the bank used to secure a deposit of public funds; and
(4) method by which an investment security used to secure a deposit of public funds is valued.
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 5.006, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle F - State and Local Contracts and Fund Management
Chapter 2257 - Collateral for Public Funds
Subchapter B. Depository; Security for Deposit of Public Funds
Section 2257.021. Collateral Required
Section 2257.022. Amount of Collateral
Section 2257.023. Collateral Policy
Section 2257.024. Contract for Securing Deposit of Public Funds
Section 2257.025. Records of Depository
Section 2257.026. Change in Amount or Activity of Deposits of Public Funds