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Texas Local Government Code

§ 105.053 — SOLVENCY OF SURETY COMPANY AND ADEQUACY OF SECURITIES

LG § 105.053Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 105. DEPOSITORIES FOR MUNICIPAL FUNDS · Art. D. MAINTENANCE AND MODIFICATION OF SECURITY

Statute text

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At any time the governing body of the municipality considers it necessary for the protection of the municipality, the governing body may direct the designated officer to investigate the solvency of a surety company that issues a bond on behalf of a municipal depository or investigate the value of securities pledged by a depository to secure municipal funds.

Legislative history

Added by Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Renumbered from Sec. 105.056 and amended by Acts 1993, 73rd Leg., ch. 234, Sec. 1, eff. Sept. 1, 1993.

Source: Texas Local Government Code § 105.053 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.