yourstate.us
Home / Texas / Local Government Code
Tex. Local Government Code § 131.005

STATE FUNDS

Texas · Texas Local Government Code · Status: effective

Get this as JSONEmbed this
Cite this
Citation
Tex. Local Government Code § 131.005, STATE FUNDS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/689454
Permanent ID
ys:prov:689454@1
SHA-256
a8bd58b1212a014487487ebde38845cd526991f640536a1ebd168dabbb72baee

The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.

Full text

(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. (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.