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By:  Capelo                                                       H.B. No. 3312



A BILL TO BE ENTITLED

AN ACT

relating to the substitution of securities by a commissioners 
court.        
	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:
	Sec. 116.082.  SUBSTITUTION OF SECURITIES.  (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.  In lieu of approving 
each substitution or replacement of securities, the commissioners 
court may adopt a procedure authorizing the county judge or other 
designee to approve substitutes or replacements under this section.