105.051 – MAINTENANCE OF SECURITY. (a) A depository
Texas Local Government Code § 105.051
Summary
This law mandates that depository services contracts for municipal funds include specific terms regarding the management of security. It affects municipalities and their depositories by ensuring proper handling of securities related to public funds.
Contracts must specify security possession and substitution terms.
Depositories may need to execute new bonds for municipal deposits.
Excess securities can be released under defined conditions.
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In simple terms: Learn about Texas's MAINTENANCE OF SECURITY. (a) A depository 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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