Texas Government Code Title 4, Chapter 404 - State Treasury Operations Of Comptroller

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 404.001 - Definitions
  In this chapter: (1) Repealed by Acts 1997, 75th Leg., ch. 891, Sec. 3.22(2), eff. Sept. 1, 1997. (2) "Demand deposit" means a deposit that...

SUBCHAPTER B STATE DEPOSITORY BOARD

• Texas Section 404.0011 - Transfer Of Treasurer's Powers And Duties
  (a) The powers and duties of the state treasurer under this chapter or other law are transferred to the comptroller. (b) A reference in law...

SUBCHAPTER C STATE DEPOSITORIES AND INVESTMENT OF STATE FUNDS

• Texas Section 404.013 - Rules
  The comptroller may adopt and enforce rules governing the establishment and conduct of state depositories and the investment of state funds in the depositories that...
• Texas Section 404.021 - Eligible Institutions
  (a) Any state or national bank doing business in the state may be designated by the comptroller as a state depository. Designation of a bank...
• Texas Section 404.0211 - Conflict Of Interest
  A bank is not disqualified from serving as a depository for funds of a state agency if: (1) an officer or employee of the agency...
• Texas Section 404.0212 - Depository Rating Under Certain Federal Law
  (a) In this section, "regulated financial institution" has the meaning assigned by 12 U.S.C. Section 2902. (b) A regulated financial institution that accepts a deposit...
• Texas Section 404.022 - Applications
  (a) The comptroller, not later than the first business day in June of each odd-numbered year, shall mail to each eligible institution a letter stating...
• Texas Section 404.0221 - Eligible Collateral
  (a) In this section, "public agency" means a board, authority, agency, department, commission, political subdivision, municipal corporation, district, public corporation, body politic, instrumentality of this...
• Texas Section 404.023 - Designation
  The comptroller shall designate one or more state depository banks that have main offices or branches in centrally located cities in this state to be...
• Texas Section 404.024 - Authorized Investments
  (a) The comptroller may determine and designate the amount of state funds to be deposited in time deposits in state depositories. The percentage of state...
• Texas Section 404.0241 - Investment Of Certain Economic Stabilization Fund Balances
  (a) The comptroller shall invest a percentage of the economic stabilization fund balance in a state fiscal biennium that exceeds the amount of the sufficient...
• Texas Section 404.0245 - Crude Oil And Natural Gas Futures Contracts
  (a) In this section, "hedging" means the buying and selling of crude oil and natural gas commodity futures or options on crude oil and natural...
• Texas Section 404.026 - Eleemosynary Funds
  The comptroller may invest the permanent funds of the Texas School for the Blind and Visually Impaired, Texas School for the Deaf, Austin State Hospital,...
• Texas Section 404.027 - Liquidity
  (a) The comptroller may enter into credit agreements or other similar agreements to provide liquidity for obligations issued for governmental purposes by an agency of...

SUBCHAPTER D COLLATERAL, DEPOSITS, AND WITHDRAWALS

• Texas Section 404.028 - Investment Advisory Board
  (a) The comptroller shall establish an investment advisory board to advise the comptroller regarding investments that the comptroller makes under this subchapter or other law....
• Texas Section 404.031 - Collateral Requirements
  (a) The comptroller may deposit state funds with a depository only if the depository has pledged with the comptroller eligible investment securities acceptable to the...
• Texas Section 404.032 - Deposits
  (a) The comptroller shall deposit state funds in depositories that satisfy the collateral requirements of this chapter. The comptroller may deposit funds designated as demand...

SUBCHAPTER E GENERAL DUTIES

• Texas Section 404.033 - Withdrawals And Remittances
  (a) Funds on deposit with a depository are subject to withdrawal at any time by the comptroller, except funds designated as time deposits, which may...
• Texas Section 404.041 - Trustee
  The comptroller is the trustee of funds in the treasury. Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts...
• Texas Section 404.043 - Security Officers
  The comptroller may employ security officers to provide needed security services for the treasury and may commission the officers as peace officers. Acts 1987, 70th...
• Texas Section 404.045 - Receipt Of Money
  The comptroller shall receive all money paid into the treasury in accordance with the procedures required by Section 403.052. Acts 1987, 70th Leg., ch. 147,...
• Texas Section 404.046 - Payment From Treasury
  The comptroller shall pay warrants the comptroller draws on the treasury that are authorized by law. Except as provided by Section 403.0271, money may not...
• Texas Section 404.047 - Accounts
  The comptroller shall keep accounts of the receipt and expenditure of the money in the treasury and close the accounts on August 31 of each...
• Texas Section 404.048 - Report
  In addition to the reports required by the constitution, the comptroller shall, as required by the governor, submit a statement of the balance of money...
• Texas Section 404.049 - Money In Treasury
  Money received by the comptroller as trustee of funds in the treasury shall be kept in the treasury. The comptroller may not keep or receive...
• Texas Section 404.050 - Delivery To Successor
  The comptroller shall, at the close of the term of office, deliver into the possession of the successor comptroller the money, securities, and all other...
• Texas Section 404.051 - Money Returned To County Or Municipality
  If money is in the treasury for the purpose of paying an obligation due from a county or municipality and the comptroller finds from certified...
• Texas Section 404.052 - Obligations Of Municipalities, Districts, And Political Subdivisions
  (a) A bond, warrant, or other evidence of indebtedness issued by a municipality, district, or political subdivision of this state and any interest, at the...
• Texas Section 404.054 - Daily Totals
  The comptroller shall post the daily totals of deposits to the proper fund and control accounts in the general ledger. The comptroller shall keep a...
• Texas Section 404.055 - Time And Demand Deposits
  The comptroller shall maintain records of the daily balances of and the interest income from funds deposited by the comptroller in time and demand deposit...
• Texas Section 404.056 - Information Concerning Warrants
  (a) The comptroller shall keep the information on each warrant that is necessary to enable an adequate audit to be performed. (b) The comptroller shall...
• Texas Section 404.057 - Warrants Payable Accounts
  (a) The comptroller shall keep warrants payable accounts for each fund. (b) To each account, the comptroller shall credit the daily totals of warrants issued...
• Texas Section 404.058 - Outstanding Warrants
  (a) The comptroller shall compile information concerning outstanding warrants, which must be consistent with the requirements of the uniform statewide accounting system. (b) The warrant...
• Texas Section 404.059 - General Ledger Accounts
  The comptroller shall charge the daily totals of the warrants to the respective funds and control accounts in the general ledger to which they apply....
• Texas Section 404.060 - Priority Of Warrants
  Warrants on the treasury shall be on an equal basis with each other, except that if a question arises concerning the priority of payment of...
• Texas Section 404.062 - Undetermined Remittances
  (a) This subsection applies to money the status of which is undetermined or that is awaiting the time when it can be taken into the...
• Texas Section 404.063 - Violation
  A person who knowingly or wilfully violates this chapter commits an offense. An offense under this chapter is punishable by a fine of not less...
• Texas Section 404.064 - Office Fees
  The comptroller shall keep records of the fees earned by the comptroller under this chapter. Those fees shall be deposited to the appropriate fund in...
• Texas Section 404.065 - Cash Balancing
  The comptroller shall keep records for the purpose of arriving at the daily cash balance. The daily totals of receipts and disbursements and the amount...
• Texas Section 404.066 - Ledger
  (a) The general ledger kept by the comptroller shall contain accounts for each fund. Those accounts shall be credited with the existing balances and the...
• Texas Section 404.067 - Safekeeping; Investment Agencies
  (a) The comptroller shall keep custodial records that shall reflect all deposits and releases of securities held by the comptroller and belonging to a state...
• Texas Section 404.068 - State Regulatory Agencies Safekeeping And Pledged Collateral
  (a) The comptroller shall keep a suitable system in which shall be entered all securities deposited with the comptroller by state depositories and other state...
• Texas Section 404.069 - Trust Funds
  (a) All money and securities deposited with the comptroller in trust for any legal purpose may be received by the comptroller as provided by Section...
• Texas Section 404.070 - Validity Of Voided Warrants
  (a) A warrant issued by the comptroller in payment of refunds from a fund in the treasury becomes void unless presented to the comptroller for...
• Texas Section 404.071 - Disposition Of Interest On Investments
  (a) Interest received from investments of money in funds and accounts in the charge of the comptroller shall be allocated on a monthly basis as...
• Texas Section 404.072 - Examination By State Auditor
  The disbursements and receipts of the comptroller are subject to audit by the state auditor in accordance with Chapter 321. Acts 1987, 70th Leg., ch....

SUBCHAPTER F STATE FUNDS REFORM ACT

• Texas Section 404.073 - Funds Outside Treasury
  (a) The comptroller may be the trustee of funds or property outside the treasury. (b) The comptroller functioning as the trustee of funds or property...
• Texas Section 404.091 - Short Title
  This subchapter may be cited as the State Funds Reform Act. Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987.
• Texas Section 404.092 - Definition
  In this subchapter, "state agency" means an office, institution, or other agency that is in the executive branch of state government, has authority that is...
• Texas Section 404.093 - Applicability Of Subchapter; Exemptions
  (a) This subchapter applies to a state agency only to the extent that it is not otherwise required to deposit funds in the treasury. (b)...
• Texas Section 404.094 - Funds To Be Deposited In Treasury
  (a) Fees, fines, penalties, taxes, charges, gifts, grants, donations, and other funds collected or received by a state agency under law shall be deposited in...
• Texas Section 404.095 - Electronic Transfer Of Certain Payments
  (a) This section applies only to a state agency that during the preceding state fiscal year collected or received more than $50 million in fees,...
• Texas Section 404.096 - Rapid Deposits, Transactions, And Transfers Required
  According to a schedule established by the comptroller, the comptroller shall conduct a study of each state agency that collects or receives $50 million or...

SUBCHAPTER G TEXAS TREASURY SAFEKEEPING TRUST COMPANY

• Texas Section 404.097 - Deposit Of Funds Recovered By Litigation Or Settlement
  (a) Notwithstanding Section 404.093, this section applies by its terms to each state governmental entity. (b) In this section, "contingent fee contract" and "state governmental...
• Texas Section 404.101 - Definitions
  In this subchapter: (1) "Advisory board" means the Texas treasury safekeeping trust company investment advisory board. (2) "Participant" means the state, agencies and local political...
• Texas Section 404.102 - Creation Of Trust Company
  (a) The comptroller may incorporate a special-purpose trust company called the Texas Treasury Safekeeping Trust Company. The purposes of the trust company are to provide...
• Texas Section 404.103 - Powers
  (a) The trust company may receive, transfer, and disburse money and securities as provided by statute or belonging to the state, agencies and local political...
• Texas Section 404.104 - Duties Of Comptroller
  (a) The comptroller is the sole officer, director, and shareholder of the trust company. The comptroller's office shall manage the trust company. (b) The comptroller...
• Texas Section 404.105 - Capital Or Reserve
  The trust company shall hold capital stock and reserve balances outside the treasury in an amount required by applicable regulatory bodies for eligibility for federal...
• Texas Section 404.106 - Earnings; Authorized Investments
  (a) Any net earnings of the trust company attributable to capital stock or investments of capital stock shall be credited annually to the account of...
• Texas Section 404.107 - Fees
  (a) Any fees or assessments imposed by state law for the incorporation, regulation, or operation of trust companies do not apply to the Texas Treasury...
• Texas Section 404.108 - Trust Company Investment Advisory Board
  (a) The comptroller may appoint an investment advisory board to advise the comptroller with respect to managing the assets held by the trust company. The...
• Texas Section 404.109 - Restrictions On Advisory Board Appointment, Membership, And Employment
  A person is not eligible for appointment to the advisory board if the person or the person's spouse: (1) is employed by or participates in...
• Texas Section 404.110 - Removal Of Advisory Board Members
  The comptroller may remove from the advisory board an advisory board member at will or for any of the following causes: (1) at the time...
• Texas Section 404.111 - Advisory Board Member Training
  (a) Before a member of the advisory board may assume the member's duties, the member must complete at least one course of the training program...
• Texas Section 404.112 - Compensation; Expenses
  Members of the advisory board serve without compensation but are entitled to reimbursement for actual and necessary expenses in attending meetings of the advisory board...
• Texas Section 404.113 - Meetings
  (a) The advisory board may meet as often as necessary, but shall meet at least twice each year. (b) Advisory board meetings are subject to...
• Texas Section 404.114 - Investment Management
  (a) The comptroller may delegate investment authority and may contract with private professional investment managers to manage or assist in managing assets held by the...
• Texas Section 404.115 - Personnel
  (a) The comptroller may appoint a person to serve as chief executive officer in managing the trust company and carrying out the policies of the...

SUBCHAPTER H TAX AND REVENUE ANTICIPATION NOTES

• Texas Section 404.116 - Liability Insurance For Certain Board Members, Officials, And Staff
  (a) The trust company may purchase or otherwise acquire insurance to protect members of the advisory board and the trust company staff. (b) Insurance purchased...
• Texas Section 404.121 - Definitions
  In this subchapter: (1) "Cash flow deficit" for any period means the excess, if any, of expenditures paid and transfers made from the general revenue...
• Texas Section 404.122 - Cash Management Committee
  The cash management committee is composed of the governor, lieutenant governor, speaker of the house of representatives, and comptroller. If the speaker of the house...
• Texas Section 404.123 - Notes Authorized
  (a) In anticipation of a temporary cash shortfall in the general revenue fund during any fiscal year, the comptroller, subject to Section 404.124, may issue,...
• Texas Section 404.124 - Shortfall Forecast; Committee Approval
  (a) Before issuing notes the comptroller shall submit to the committee a general revenue cash flow shortfall forecast, based on the comptroller's most recent anticipated...
• Texas Section 404.125 - Issuance Of Notes
  (a) The comptroller, consistent with the committee's determinations under Section 404.124, shall authorize the issuance, sale, and delivery of the notes by order. (b) Except...
• Texas Section 404.126 - Fund Transfers; Interest; Payment Of Notes
  (a) Cash received from the collection of taxes and revenues credited to the general revenue fund during the fiscal biennium in which the notes are...

Last modified: September 28, 2016