Tex. Loc. Gov't Code § 105.016

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 105.016 - Designation of Depository

(a) The governing body shall designate, by an order recorded in its minutes, the bank, credit union, or savings association to serve as a depository for the municipality's funds.

(b) If a bank, credit union, or savings association selected as a municipal depository does not provide security by the deadline prescribed by Section 105.031, the selection of the bank, credit union, or savings association as a depository is void, and the governing body may consider the application it deems to be the next most advantageous depository services application.

Tex. Loc. Gov't. Code § 105.016

Added by Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987. Renumbered from Sec. 105.015 and amended by Acts 1993, 73rd Leg., ch. 234, Sec. 1, eff. 9/1/1993.