By Torres H.B. No. 1628
75R6377 ESH-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the term of a school district depository contract.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 45.205, Education Code, is amended to
1-5 read as follows:
1-6 Sec. 45.205. TERM OF CONTRACT. (a) Except as provided by
1-7 Subsection (b), the [The] depository bank when selected shall serve
1-8 for a term of two years and until its successor is selected and has
1-9 qualified.
1-10 (b) A school district and the district's depository bank may
1-11 agree to extend a depository contract for an additional two-year
1-12 term. An extension under this subsection is not subject to the
1-13 requirements of Section 45.206.
1-14 (c) The contract term and any extension must coincide with
1-15 the school district's fiscal year.
1-16 SECTION 2. This Act takes effect September 1, 1997.
1-17 SECTION 3. The importance of this legislation and the
1-18 crowded condition of the calendars in both houses create an
1-19 emergency and an imperative public necessity that the
1-20 constitutional rule requiring bills to be read on three several
1-21 days in each house be suspended, and this rule is hereby suspended.