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A BILL TO BE ENTITLED
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AN ACT
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relating to procedures for securing the deposit of public funds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2257.045, Government Code, is amended to |
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read as follows: |
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Sec. 2257.045. RECEIPT OF SECURITY BY CUSTODIAN. (a) On |
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receipt of an investment security, a custodian shall[:
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[(1)] immediately identify on its books and records, |
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by book entry or another method, the pledge of the security to the |
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public entity. |
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(b) For a deposit of public funds under Subchapter F, the |
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custodian shall issue and deliver to the comptroller a trust |
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receipt for the pledged security. |
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(c) For any other deposit of public funds under this |
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chapter, at the written direction of the appropriate public entity |
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officer, the custodian shall: |
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(1) [; and
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[(2) promptly] issue and deliver to the appropriate |
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public entity officer a trust receipt for the pledged security; or |
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(2) issue and deliver a trust receipt for the pledged |
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security to the public entity's depository and instruct the |
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depository to deliver the trust receipt to the public entity |
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officer immediately. |
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(d) The custodian shall issue and deliver the trust receipt |
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as soon as practicable on the same business day on which the |
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investment security is received. |
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SECTION 2. Section 2257.046, Government Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) At the request of the appropriate public entity officer, |
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the public entity's custodian shall provide a current list of all |
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pledged investment securities. The list must include, for each |
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pledged investment security: |
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(1) the name of the public entity; |
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(2) the date the security was pledged to secure the |
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public entity's deposit; |
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(3) the Committee on Uniform Security Identification |
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Procedures (CUSIP) number of the security; |
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(4) the face value and maturity date of the security; |
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and |
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(5) the confirmation number on the trust receipt |
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issued by the custodian. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |