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Tex. Local Government Code § 105.071

CHARACTER AND AMOUNT OF DEPOSITS

Texas · Texas Local Government Code · Status: effective

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Tex. Local Government Code § 105.071, CHARACTER AND AMOUNT OF DEPOSITS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/689015
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(a) The governing body of the municipality may determine and designate in the depository services contract the character and amount of municipal funds that will be demand deposits. However, the municipality has the right to maintain other investments of municipal funds in accordance with the investment policy adopted by the municipality. (b) The designated officer may contract with a depository for interest on time deposits, including, without limitation, certificates of deposit, at any legal rate under federal or state law, rule, or regulation.