Texas Local Government Code 131.001 – Special Depository Authorized
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Terms Used In Texas Local Government Code 131.001
- Contract: A legal written agreement that becomes binding when signed.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
If a financial institution that is a depository under state law for the public funds of a county, municipality, or district suspends business or is taken charge of by a state or federal bank regulatory agency, the local government authority authorized to select the original depository may select by contract a special depository for the public funds in the suspended financial institution.