Section 2257.024 - Contract for Securing Deposit of Public Funds(a) A public entity may contract with a bank that has its main office or a branch office in this state to secure a deposit of public funds.(b) The contract may contain a term or condition relating to an investment security used as security for a deposit of public funds, including a term or condition relating to the: (1) possession of the collateral;(2) substitution or release of an investment security;(3) ownership of the investment securities of the bank used to secure a deposit of public funds; and(4) method by which an investment security used to secure a deposit of public funds is valued.Tex. Gov't. Code § 2257.024
Amended by Acts 1999, 76th Leg., ch. 344, Sec. 5.006, eff. 9/1/1999.Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. 9/1/1993.