105.031 – QUALIFICATION AS DEPOSITORY. (a) The bank or
Texas Local Government Code § 105.031
Summary
This law outlines the requirements for banks or savings associations to qualify as municipal depositories. They must provide security for municipal funds at least five days before the contract term begins, ensuring the safety of public funds.
Banks must secure municipal funds before contract commencement.
Security must comply with Chapter 2257, Government Code.
Deadline for security provision is five days prior to contract start.
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In simple terms: Learn about Texas's QUALIFICATION AS DEPOSITORY. (a) The bank or law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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