|
|
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. (a) 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. |
|
(b) For a deposit of public funds under Subchapter F, the |
|
custodian shall promptly issue and deliver to the comptroller a |
|
trust receipt for the pledged security. |
|
(c) For any other deposit of public funds under this |
|
chapter, at the direction of the appropriate public entity officer, |
|
the custodian shall: |
|
(1) [; and
|
|
[(2)] promptly issue and deliver to the appropriate |
|
public entity officer a trust receipt for the pledged security; or |
|
(2) promptly issue a trust receipt to the public |
|
entity's depository and instruct the depository to deliver the |
|
trust receipt to the public entity officer immediately. |
|
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 to the appropriate public entity officer a |
|
current list of all pledged investment securities. The list must |
|
include, for each pledged investment security: |
|
(1) the name of the public entity; |
|
(2) the date of the deposit for which the security was |
|
pledged; |
|
(3) the date the security was issued; |
|
(4) the face value and maturity date of the security; |
|
and |
|
(5) the confirmation number on the trust receipt |
|
issued by the custodian. |
|
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. |
|
|
|
* * * * * |