|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to procedures for securing the deposit of public funds. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 2257.045, Government Code, is amended to |
|
read as follows: |
|
Sec. 2257.045. RECEIPT OF SECURITY BY CUSTODIAN. On |
|
receipt of an investment security, a custodian shall: |
|
(1) immediately identify on its books and records, by |
|
book entry or another method, the pledge of the security to the |
|
public entity; and |
|
(2) promptly issue and deliver [to the appropriate
|
|
public entity officer] a trust receipt for the pledged security to: |
|
(A) the appropriate public entity officer; or |
|
(B) the public entity's depository. |
|
SECTION 2. Section 2257.046, Government Code, is amended by |
|
adding Subsection (d) to read as follows: |
|
(d) At the request of the public entity, the public entity's |
|
custodian shall provide a list of all investment securities pledged |
|
to the public entity. |
|
SECTION 3. Section 116.051, Local Government Code, is |
|
amended to read as follows: |
|
Sec. 116.051. QUALIFICATION AS DEPOSITORY OR |
|
SUBDEPOSITORY. Within 15 days after the date a bank is selected as |
|
a county depository or subdepository, the bank must qualify as the |
|
depository or subdepository by providing security for the funds to |
|
be deposited by the county with the bank. The depository or |
|
subdepository may secure these funds, at the option of the |
|
commissioners court, by: |
|
(1) personal bond; surety bond; bonds, notes, and |
|
other securities; first mortgages on real property; real |
|
property; certificates of deposit; a letter of credit issued by a |
|
federal home loan bank; or a combination of these methods, as |
|
provided by this subchapter; or |
|
(2) investment securities or interests in them as |
|
provided by Chapter 726, Acts of the 67th Legislature, Regular |
|
Session, 1981 (Article 2529b-1, Vernon's Texas Civil Statutes). |
|
SECTION 4. 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, 2013. |