By: Gallegos S.B. No. 656
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the term of a school district depository contract.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Section 45.205, Education Code, is amended to
1-4 read as follows:
1-5 Sec. 45.205. TERM OF CONTRACT. (a) Except as provided by
1-6 Subsection (b), the [The] depository bank when selected shall serve
1-7 for a term of two years and until its successor is selected and has
1-8 qualified.
1-9 (b) A school district and the district's depository bank may
1-10 agree to extend a depository contract for one additional two-year
1-11 term. An extension under this subsection is not subject to the
1-12 requirements of Section 45.206.
1-13 (c) The contract term and any extension must coincide with
1-14 the school district's fiscal year.
1-15 SECTION 2. The importance of this legislation and the
1-16 crowded condition of the calendars in both houses create an
1-17 emergency and an imperative public necessity that the
1-18 constitutional rule requiring bills to be read on three several
1-19 days in each house be suspended, and this rule is hereby suspended,
1-20 and that this Act take effect and be in force from and after its
1-21 passage, and it is so enacted.