Tex. Loc. Gov't Code § 105.051 · Subchapter D. MAINTENANCE AND MODIFICATION OF SECURITY
MAINTENANCE OF SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A depository services contract shall contain terms and conditions relating to the possession, substitution, or release of security, including:
(1) requiring the depository to execute a new bond or pledge additional securities for the deposit of municipal funds;
(2) substituting one security for another;
(3) releasing securities pledged by a depository in excess of the amount required by this chapter;
(4) the time period in which such addition, substitution, or release of security by a depository may occur; and
(5) other matters relating to the possession, substitution, or release of security the municipality considers necessary for its protection.
(b) If a depository fails for any reason to comply with the requirements governing the possession, substitution, or release of security, the governing body may select a new depository in the manner provided in this chapter.
Notes and commentary — not statutory text
History
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1993, 73rd Leg., ch. 234, Sec. 1, eff. Sept. 1, 1993.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.105.htm
- Text hash
- sha256 a7210027457e5a7290057b394ed819e1282bcbe86c4bdfaca431e24e03df71f5
- 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
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.