Texas Local Government Code

§ 105.034 — CONDITIONS TO ACTING AS DEPOSITORY

LG § 105.034Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 105. DEPOSITORIES FOR MUNICIPAL FUNDS · Art. C. SECURITY FOR FUNDS HELD BY DEPOSITORY

Statute text

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(a)The depository shall:

(1)keep the municipal funds covered by the depository services contract;

(2)perform all duties and obligations imposed on the depository by law and under the depository services contract;

(3)pay on presentation all checks drawn and properly payable on a demand deposit account with the depository;

(4)pay all transfers properly payable as directed by a designated officer;

(5)provide and maintain security at the level required by the provisions of Chapter 2257, Government Code; and

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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. 76, Sec. 5.95(12), eff. Sept. 1, 1995.