Texas § 105.051 MAINTENANCE OF SECURITY.

Texas Statutes

§ 105.051 — MAINTENANCE OF SECURITY.

Texas § 105.051

Code LGLocal Government Code

This text of Texas § 105.051 (MAINTENANCE OF SECURITY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Local Government Code Code Ann. § 105.051 (2026).

Text

Sec. 105.051. MAINTENANCE OF SECURITY.

(a)A depository services contract shall contain terms and conditions relating to the possession, substitution, or release of security, including:

(1)requiring the depository to execute a new bond or pledge additional securities for the deposit of municipal funds;

(2)substituting one security for another;

(3)releasing securities pledged by a depository in excess of the amount required by this chapter;

(4)the time period in which such addition, substitution, or release of security by a depository may occur; and

(5)other matters relating to the possession, substitution, or release of security the municipality considers necessary for its protection.

(b)If a depository fails for any reason to comply with the requirements governing the possession, su

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 105.051. MAINTENANCE OF SECURITY. (a) A depository services contract shall contain terms and conditions relating to the possession, substitution, or release of security, including:
(1) requiring the depository to execute a new bond or pledge additional securities for the deposit of municipal funds;
(2) substituting one security for another;
(3) releasing securities pledged by a depository in excess of the amount required by this chapter;
(4) the time period in which such addition, substitution, or release of security by a depository may occur; and
(5) other matters relating to the possession, substitution, or release of security the municipality considers necessary for its protection.
(b) If a depository fails for any reason to comply with the requirements governing the possession, substitution, or release of security, the governing body may select a new depository in the manner provided in this chapter.