Texas Education Code - Section 43.017. Use Of Commercial Banks As Agents For Collection Of Income From Permanent School Fund Investments
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§ 43.017. USE OF COMMERCIAL BANKS AS AGENTS FOR COLLECTION
OF INCOME FROM PERMANENT SCHOOL FUND INVESTMENTS. (a) The State
Board of Education may contract with one or more commercial banks to
receive payments of dividends and interest on securities in which
the state permanent school funds are invested and transmit that
money with identification of its source to the comptroller for the
account of the available school fund by the fastest available
means.
(b) In choosing each commercial bank with which to contract
as authorized by Subsection (a), the State Board of Education shall
assure itself of:
(1) the financial stability of the bank;
(2) the location of the bank with respect to its
proximity to the banks on which checks are drawn in payment of
dividends and interest on securities of the permanent school fund;
(3) the experience and reliability of the bank in
acting as agent for others in the similar collection and
expeditious remittance of money; and
(4) the reasonableness of the bank's charges for the
services, both in amount of the charges and in relation to the
increased investment earnings of the available school fund that
will result from speedier receipt by the comptroller of the money.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 1997, 75th Leg., ch. 1423, § 5.05, eff. Sept. 1,
1997.
Section: 43.010 43.011 43.012 43.013 43.014 43.015 43.016 43.017 43.018 43.019 43.020 44.001 44.0011 44.002 44.003
Last modified: August 10, 2007
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