Tex. Fin. Code Section 279.152
Deposit of Public Funds by Local Government

(a)

A local government may deposit public funds with a financial institution designated as a banking district depository or a credit union designated as a credit union district depository under Section 279.151 (Designation of District Depository) regardless of whether the financial institution or credit union is designated by the comptroller as a state depository under Subchapter C, Chapter 404 (State Treasury Operations of Comptroller), Government Code.

(b)

Subject to an agreement between the governing body and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution’s or credit union’s posted two-year certificate of deposit rate, as appropriate. The terms of the agreement must be specified in the applicable resolution adopted under Section 279.151 (Designation of District Depository).
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.

Source: Section 279.152 — Deposit of Public Funds by Local Government, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­279.­htm#279.­152 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 279.152’s source at texas​.gov