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Texas Local Government Code - Chapter 116 Depositories For County Public FundsLegal Research Home > Texas Lawyer > Local Government Code > Texas Local Government Code - Chapter 116 Depositories For County Public Funds Sponsored LinksIn this chapter: (1) "Bank" means a: (A) bank organized under the laws of this state, another state, or federal law that has its main ... (a) This chapter applies to money collected or held by a district, county, or precinct officer in a county and by the officers of a ... (a) The commissioners court of a county at its May regular term immediately following each general election for state and county officers shall contract with ... (a) Once each week for at least 20 days before the May regular term of a commissioners court at which the court will make a ... (a) A bank in the county that wants to be a county depository must deliver its application to the county judge on or before the ... (a) At 10 a.m. on the first day of each term at which banks are to be selected as county depositories, the commissioners court shall: ... When security is provided in accordance with Subchapter C and is approved by the commissioners court, the commissioners court shall, by an order entered in ... If no bank located in the county applies to be designated as the county depository, the commissioners court may advertise, in the same manner provided ... (a) If no application to be a county depository is submitted, or if all of the applications are declined, the commissioners court shall deposit the ... 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 ... (a) One or more personal bonds executed and filed with the commissioners court, payable to the county judge and the judge's successors in office, qualify ... (a) One or more bonds issued and executed by one or more solvent surety companies authorized to do business in this state, payable to the ... (a) A county depository may pledge with the commissioners court as security under this subchapter: (1) a bond, note, security of indebtedness, or other evidence ... (a) If approved by the commissioners court, closed first mortgages on improved and unencumbered real property located in this state that are assigned to the ... (a) If approved by the commissioners court, improved and unencumbered real property, pledged directly by deed of trust to a trustee selected by the commissioners ... (a) A certificate of deposit qualifies as security under this subchapter if the certificate is: (1) held in the custody of a Federal Reserve Bank ... (a) A personal bond provided or a contract for the pledge of securities under this subchapter must be conditioned that the depository will: (1) faithfully ... (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 ... The commissioners court shall investigate all real property security and determine the value at which the property will be accepted. The commissioners court may not ... A depository is not required to provide security for the deposit of county funds to the extent the deposits are insured under 12 U.S.C.A. Sections ... (a) The commissioners court may by written order require a depository to execute a new bond whenever the commissioners court considers it advisable or considers ... (a) After reasonable notice to the commissioners court, a depository is entitled to substitute one type of security for another or replace particular securities with ... If the securities pledged by a depository to secure county funds exceed the amount required under this chapter, the commissioners court shall permit the release ... If for any reason the county funds on deposit with the county depository exceed the amount of security pledged, the depository shall immediately pledge additional ... (a) At least twice each year while a personal bond securing the county's deposits is in effect, the commissioners court shall investigate the solvency of ... Whenever the commissioners court considers it necessary for the protection of the county, the commissioners court may investigate the solvency of a surety company that ... (a) If after a county establishes a depository the county or a subdivision of the county receives funds from the sale of bonds or otherwise, ... (a) A surety company may be relieved of its obligations under a surety bond executed on behalf of a county depository after the 30th day ... On the request of a county depository, the commissioners court shall surrender, when due, interest coupons or other evidence of interest on securities deposited by ... The commissioners court may determine and designate the character and amount of county funds that will be demand deposits and that will be time deposits. ... (a) The commissioners court may direct the county treasurer to withdraw any county funds deposited in a county depository that are not immediately required to ... (a) Immediately after the commissioners court designates a county depository, the county treasurer shall transfer to the depository all of the county's funds and the ... A county depository shall collect all checks, drafts, and demands for money deposited with it by the county. Acts 1987, 70th Leg., ch. 149, § ... If the funds of a county are deposited with more than one depository, the commissioners court shall by order name one of the depositories to ... (a) A county depository shall pay a check or warrant drawn by the county treasurer against funds deposited with the depository on presentation of the ... A depository shall make a detailed monthly statement to the commissioners court at each regular term of the court. The statement must show the daily ... The commissioners court may instruct the county treasurer to deposit money adequate to pay a bond, coupon, or other indebtedness of the county at a ... This chapter does not affect the application of a law or regulation providing for auditing and countersigning. Acts 1987, 70th Leg., ch. 149, § 1, ... (a) This section applies only to a warrant or check issued by a county treasurer in settlement of a claim against a county that has ... If a county depository provides separate bonds to secure county funds, each surety under a bond is liable only for that part of a loss ... If a personal surety or a surety company pays for a loss to a county under a depository bond, the surety is subrogated to the ... If a county depository becomes insolvent and it becomes necessary to resort to the depository's bond or bonds to recover funds of the county and ... A county depository that uses due diligence to collect a check, draft, or demand for money deposited by the county with the depository is not ... A depository that does not pay a check or warrant as required by Section 116.116(a) is liable for and shall pay to the holder 10 ... Last modified: August 11, 2007 |