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Local Government Code §116.051

In force on Nov 09, 2026 · this text took effect Sep 01, 1991 · same as today's text

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; 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).

History: Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 1, Sec. 15(b), eff. Aug. 28, 1989; Acts 1991, 72nd Leg., ch. 527, Sec. 7, eff. Sept. 1, 1991.

Source: the Legislature's file server, seen Nov 08, 2026.

Every version on file

Effective Sep 01, 1991 · seen Nov 2026–Nov 2026

Attorney General opinions that cite it

JM-1033: NO. JM-1033 Whether Federal . .* Government Center Mortgage Association _ -- National (Fannie Dallas, Texas 75202 Mae) Guaranteed Mortgage Pass- Through Certificates may be pledged as security for county deposits

A research copy. The official text is the Legislature's (statutes), the Secretary of State's (Texas Administrative Code) or eCFR's (federal rules). Not legal advice.