Texas Local Government Code 131.005 – State Funds
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(a) The comptroller shall determine the amount of state funds held by a county depository that suspends business or is taken charge of by a state or federal bank regulatory agency. The comptroller may:
(1) contract with a special depository selected by the county authorities as provided by this subchapter for the custody and payment of those funds; and
(2) approve a bond for the deposit contract.
(b) State funds placed in a special depository as provided by Subsection (a) shall bear the average rate of interest received by the state on state funds placed with regularly selected state depositories.
Terms Used In Texas Local Government Code 131.005
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Contract: A legal written agreement that becomes binding when signed.
(c) The comptroller may proceed with available legal remedies against a suspended bank that is a depository for state funds if the comptroller considers that action to be in the best interest of the public.