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By:  Capelo (Senate Sponsor - Hinojosa)                           H.B. No. 3312
	(In the Senate - Received from the House May 12, 2003; 
May 13, 2003, read first time and referred to Committee on 
Intergovernmental Relations; May 23, 2003, reported favorably by 
the following vote:  Yeas 5, Nays 0; May 23, 2003, sent to printer.)


A BILL TO BE ENTITLED

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.



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