Texas § 105.016 DESIGNATION OF DEPOSITORY.

Texas Statutes

§ 105.016 — DESIGNATION OF DEPOSITORY.

Texas § 105.016

Code LGLocal Government Code

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Bluebook

Tex. Local Government Code Code Ann. § 105.016 (2026).

Text

Sec. 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.

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Sec. 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.

Legislative History

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