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Texas Local Government Code

§ 105.071 — CHARACTER AND AMOUNT OF DEPOSITS

LG § 105.071Title 4. FINANCES · Part A. MUNICIPAL FINANCES · Ch. 105. DEPOSITORIES FOR MUNICIPAL FUNDS · Art. E. DEPOSITORY ACCOUNTS

Statute text

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(a)The governing body of the municipality may determine and designate in the depository services contract the character and amount of municipal funds that will be demand deposits. However, the municipality has the right to maintain other investments of municipal funds in accordance with the investment policy adopted by the municipality.
(b)The designated officer may contract with a depository for interest on time deposits, including, without limitation, certificates of deposit, at any legal rate under federal or state law, rule, or regulation.

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.

Source: Texas Local Government Code § 105.071 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.