Tex. Fin. Code § 279.153 · Subchapter D. DEPOSIT OF PUBLIC FUNDS IN DISTRICT DEPOSITORY
DEPOSIT OF PUBLIC FUNDS BY STATE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the comptroller designates the financial institution as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a financial institution designated as a banking district depository under Section 279.151(a).
(b) If the comptroller designates the credit union as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a credit union designated as a credit union district depository under Section 279.151(b).
(c) For purposes of Subsections (a) and (b), a financial institution or credit union is subject to the collateral requirements of Section 404.031, Government Code.
(d) Subject to an agreement between the comptroller 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.
(e) In calculating the yield under Section 2256.006, Government Code, of public funds deposited in a banking district or credit union district depository, the comptroller may consider the benefit to this state of stimulating economic development.
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 7d388468de108496f71e34625d1546acb1fe34a812e5ddc7e00f00c4c340d2c1
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Government Code
- Tex. Gov't Code ch. 404, subch. CSTATE DEPOSITORIES AND INVESTMENT OF STATE FUNDSPrinted as Subchapter C, Chapter 404, Government Code
- Tex. Gov't Code § 404.031COLLATERAL REQUIREMENTS.Printed as Section 404.031, Government Code
- Tex. Gov't Code § 2256.006STANDARD OF CARE.Printed as Section 2256.006, Government Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.