Tex. Local Government Code § 105.016
This is the official text of Tex. Local Government Code § 105.016, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 105.016. DESIGNATION OF DEPOSITORY.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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