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Texas Local Government Code

§ 105.054 — SURRENDER OF INTEREST ON SECURITIES

LG § 105.054Title 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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Except as provided for in the collateral policies of the municipality adopted in accordance with Chapter 2257, Government Code, on request of a municipal depository, the municipality shall surrender, when due, interest coupons or other evidence of interest on securities deposited by the depository with the governing body if the securities remaining pledged by the depository are adequate to meet the requirements of this chapter and of the governing body.

Legislative history

Added by Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Renumbered from Sec. 105.057 and amended by Acts 1993, 73rd Leg., ch. 234, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.95(12), eff. Sept. 1, 1995.

Source: Texas Local Government Code § 105.054 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.