Texas Local Government Code

§ 105.001 — DEFINITIONS

LG § 105.001Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 105. DEPOSITORIES FOR MUNICIPAL FUNDS · Art. A. GENERAL PROVISIONS

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In this chapter:

(1)"Bank" means a state bank or a national bank that has its main office or a branch office in this state.

(2)"Credit union" means a state credit union or federal credit union domiciled in this state.

(3)"Demand deposit" means a deposit of funds that may be withdrawn on the demand of the depositor.

(4)"Depository" means the bank, credit union, or savings association selected by the municipality to provide depository services.

(5)"Time deposit" means a deposit of funds subject to a contract between the depositor and the depository under which the depositor may not withdraw any of the funds by check or by another manner until the expiration of a certain period following written notice of the depositor's intent to withdraw the funds.

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Legislative 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; Acts 1995, 74th Leg., ch. 914, Sec. 9, eff. Sept. 1, 1995; Acts 1999, 76th Leg., ch. 62, Sec. 7.79, eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 344, Sec. 5.008, eff. Sept. 1, 1999.