Texas Local Government Code
§ 105.051 — MAINTENANCE OF SECURITY
LG § 105.051Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 105. DEPOSITORIES FOR MUNICIPAL FUNDS · Art. D. MAINTENANCE AND MODIFICATION OF SECURITY
Statute text
View on source(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.
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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.