Tex. Loc. Gov't Code § 131.005 · Subchapter A. SPECIAL DEPOSITORY
STATE FUNDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The comptroller shall determine the amount of state funds held by a county depository that suspends business or is taken charge of by a state or federal bank regulatory agency. The comptroller may:
(1) contract with a special depository selected by the county authorities as provided by this subchapter for the custody and payment of those funds; and
(2) approve a bond for the deposit contract.
(b) State funds placed in a special depository as provided by Subsection (a) shall bear the average rate of interest received by the state on state funds placed with regularly selected state depositories.
(c) The comptroller may proceed with available legal remedies against a suspended bank that is a depository for state funds if the comptroller considers that action to be in the best interest of the public.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 268, Sec. 35, eff. Sept. 1, 1993. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 5.011, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.131.htm
- Text hash
- sha256 374fbbb79454d4928c1833e000e8ffa7864a3eb8be5f2043e5b686797c7f9212
- 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.