Tex. Fin. Code § 279.152 · Subchapter D. DEPOSIT OF PUBLIC FUNDS IN DISTRICT DEPOSITORY
DEPOSIT OF PUBLIC FUNDS BY LOCAL GOVERNMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A local government may deposit public funds with a financial institution designated as a banking district depository or a credit union designated as a credit union district depository under Section 279.151 regardless of whether the financial institution or credit union is designated by the comptroller as a state depository under Subchapter C, Chapter 404, Government Code.
(b) Subject to an agreement between the governing body and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate. The terms of the agreement must be specified in the applicable resolution adopted under Section 279.151.
Notes and commentary — not statutory text
History
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.279.htm
- Text hash
- sha256 bc52ceaa3418a4cac5e7eb570646ae969f0cee74fdc5106bfa9f5c2d548afb5f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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