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Texas Local Government Code

§ 116.057 — CONDITION OF PERSONAL BOND OR CONTRACT FOR SECURITIES

LG § 116.057Title 4. FINANCES · Part B. COUNTY FINANCES · Ch. 116. DEPOSITORIES FOR COUNTY PUBLIC FUNDS · Art. C. SECURITY FOR FUNDS HELD BY DEPOSITORY

Statute text

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(a)A personal bond provided or a contract for the pledge of securities under this subchapter must be conditioned that the depository will:
(1)faithfully keep the county funds and faithfully perform all duties and obligations imposed by law on the depository;
(2)pay all checks drawn on a demand deposit account in a depository on presentation by the county treasurer;
(3)pay all checks drawn on a time deposit account on presentation after the expiration of the required period of notice; and
(4)account for the county funds as required by law.
(b)A suit on a personal bond or a contract for securities provided or pledged under this subchapter must be tried in the county for which the depository is selected.

Legislative history

Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Texas Local Government Code § 116.057 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.