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H.B. No. 3312
AN ACT
relating to substitution of securities by a depository for a
county.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 116.082(a), Local Government Code, is
amended to read as follows:
(a) After reasonable notice to the commissioners court, a
depository is entitled to substitute one type of security for
another or replace particular securities with others of the same
type if the substituting or replacing security meets the
requirements of law and is approved by the commissioners court.
Instead of approval of each substitute or replacement security by
the commissioners court, the commissioners court may:
(1) adopt a procedure for approving a substitute or
replacement security under this section; and
(2) designate a county employee or official, including
a county judge, to approve the substitute or replacement security
under the procedure adopted under Subdivision (1).
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3312 was passed by the House on May
10, 2003, by the following vote: Yeas 143, Nays 0, 2 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 3312 was passed by the Senate on May
28, 2003, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor