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Texas Local Government Code

§ 116.028 — SUCCESSOR BANK AS COUNTY DEPOSITORY

LG § 116.028Title 4. FINANCES · Part B. COUNTY FINANCES · Ch. 116. DEPOSITORIES FOR COUNTY PUBLIC FUNDS · Art. B. ESTABLISHMENT OF DEPOSITORY

Statute text

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(a)If a bank selected to be a county depository and holding county funds is sold to another bank in an adjoining county, the successor bank in the adjoining county may continue to serve as a county depository and apply and be selected as a county depository if the successor bank:
(1)continues to have an office in an adjoining county; and
(2)timely applies and is selected to be a county depository in a manner that ensures no lapse of service as a county depository.
(b)If a bank selected as a county depository and holding county funds closes, a branch of the bank in an adjoining county may continue to serve as a county depository and apply to be a county depository if the successor bank:
(1)continues to have an office in an adjoining county; and
(2)timely applies and is selected to be a county depository in a manner that ensures no lapse of service as a county depository.

Legislative history

Added by Acts 2023, 88th Leg., R.S., Ch. 1043 (S.B. 158), Sec. 2, eff. June 18, 2023.

Source: Texas Local Government Code § 116.028 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.