Texas Government Code 2257.106 – Annual Assessment
(a) Once each state fiscal year, the comptroller shall impose against each participating institution an assessment in an amount sufficient to pay the costs of administering this subchapter. The amount of an assessment must be based on factors that include the number of public entity accounts a participating institution maintains, the number of transactions a participating institution conducts, and the aggregate average weekly deposit amounts during that state fiscal year of each participating institution’s deposits of public funds collateralized under this subchapter. The comptroller by rule shall establish the formula for determining the amount of the assessments imposed under this subsection.
(b) The comptroller shall provide to each participating institution a notice of the amount of the assessment against the institution.
Terms Used In Texas Government Code 2257.106
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Rule: includes regulation. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) A participating institution shall remit to the comptroller the amount assessed against it under this section not later than the 45th day after the date the institution receives the notice under Subsection (b).
(d) Money remitted to the comptroller under this section may be appropriated only for the purposes of administering this subchapter.