|
Senate Bill 581 |
Senate Author: Carona |
|
Effective: 6-14-13 |
House Sponsor: Villarreal |
Senate Bill 581 amends Government Code provisions relating to the procedures for securing the deposit of public funds. The bill requires the custodian, for a deposit of public funds under a centralized pooled collateralization program under the Public Funds Collateral Act, to issue and deliver a trust receipt for the pledged security to the comptroller of public accounts. For a deposit of any other public funds under the act, the bill allows the trust receipt to be timely issued and delivered to the public entity's depository with instructions to immediately deliver the trust receipt to the public entity officer. The bill requires the custodian of a public entity to provide a current list of all pledged investment securities at the request of the appropriate public entity officer and sets out the required contents of the list.