The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-01-23
STATE REPOSITORIES.
Text Of the Biit Introduced TO Create
state Hoard.


State OF Texas. That the governor. the
treasurer and the comptroller OF public
| accounts shall constitute a treasury board
and majority Of the board shall constitute
a quorum for the transaction Of business.
| Section 2. Said treasury board shall,
within sixty days, after this act takes Of
| feet. and on or before the first Monday In
March, 1898, and on or before the first Mon
day In March every two years thereafter
| name and appoint such solvent chartered
bank in this State. as in its judgment may
best subscrve the public interest. which
shall be known and designated as State
repositories. These repositories shall
charge no exchange and shall receive no
salary or fees FROM the State and may at
| any time be changed by the treasury board.
! Section 3. 1t shall be the duty of the
| treasury board to make with each of said
| repositories the most advantageous con
| tract 1t can for interest to be paid by it TO
the State for the use of the public moneys
which may be deposited therein as herein
after provided. The interest or bonus to he
paid by any depository under the provisions
| of this act shall be on the average daily
| balances OF the public moneys kept on
hand Herewith. and shall be paid and
credited to the proper State accounts
monthly on the first day of each and every
month. but no officer Of this State shall.
directly or indirectly take or receive any
interest commission or reward. from any
source. for the dcpositing of such money in
any depository, or for continuing such de-
| posits.
Section T. No depository shall receive or
hold at one time public funds OF this State
TO an amount greater than 50 per cent OF
its cash capital, and each depository shall.
before entering into the discharge OF it's
duties execute a bond payable to the
state of Texas, with not less than six
good and sufficient sureties. to lie APP
proved by the treasury board In a sum
equal to the estimated annual State de-
posits In such depository and the treasury
board shall adopt such rules aud regua-
tons as 1t may deem proper to ascertain
tho financial condition OF any depository
or its securities. The form of said bond
shall he drawn by the attorney general
and shall be conditioned for the faithful
performance of such duties as shall be re-
qufred of such depository by the treasury
board. and for the faithful accounting and
paving of all public moneys and effects
that may come into its possession during
its continuance az a State depository Each
depository shall execute IA new bond every
two years The bonds herein provided for
shall be recorded In the comptroler's Office
and deposited with the state treasurer,
and copy thereof. certified to by the
comptroller Of public accounts, under his
official seal. shall be received in evidence
in lieu of the original in any u the couI q
OF this State.
Section ;. At the time of appointing each
State depository the treasury board shall |
make list OF the counties, the tax col |
lector of which shall deposit all State funds
collected by them in such State depository
and such tax collectors shall pay public
moneys into no other depository than the
one named by said treasury board and the
comptroller of public accounts shall notify
each tax collector in the state OF the de-
posltory into which he shall pay all public
funds received by him or on account OF the
State.
Section 6, Each depository shall keep
such separate accounts as shall be re-
quired by the treasury board. and shall
hold all public funds received by 1t. sub
ject TO the check or order of the comp
troller OF public accounts. countcrsigped
by the state treasurer. and OF the first
day OF each month it shall render state
ments to the treasury board. under oath
OF the State treasurer, and ON the first day
of each month it shall render statements
TO the treasury board. under oath, of the
moneys belonging 10 the state held by
IT. showing the fund to which 1t belonged.
tho time when and from whom received, !
together with statement and balance |
sheet showing the exact conditions of ills !
account with the State, on that day. When |
ever any tax collector or sny other purpose
shall make deposit In such Depository, |