Texas Local Government Code - Section 116.058. Amount Of Security Required
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§ 116.058. AMOUNT OF SECURITY REQUIRED. (a) Personal or
surety bonds that secure county deposits must be in an amount equal
to the estimated highest daily balance of the county, as determined
by the commissioners court. However, the commissioners court may
not estimate the highest daily balance at an amount that is less
than 75 percent of the highest daily balance of the county for the
preceding year, less the amount of bond funds received and
expended.
(b) Securities pledged to secure county funds on deposit in
a depository must be in an amount equal to the amount of those
funds. However, real property securities may not be required in an
amount greater than 25 percent of the assessed value of the property
in the county, as shown by the certified tax roll for the preceding
year.
Acts 1987, 70th Leg., ch. 149, § 1, eff. Sept. 1, 1987.
Section: 116.052 116.053 116.054 116.055 116.056 116.0565 116.057 116.058 116.059 116.060 116.081 116.082 116.083 116.084 116.085
Last modified: August 10, 2007
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