reglab/housing_qa huggingface dataset:
TX Loc Govt Code § 116.023 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter B. Establishment of Depository|Section 116.023. Applications

Sec. 116.023.  APPLICATIONS.  (a)  A bank in the county that wants to be a county depository must deliver its application to the county judge or a designated representative of the judge on or before a date set by the commissioners court that is no later than the 60th day before the date of the expiration of the existing depository contract.(b)  The application must state the amount of the bank's paid-up capital stock and permanent surplus, and the application must be accompanied by:(1)  a statement showing the financial condition of the bank on the date of the application;  and(2)  a certified check or cashier's check for at least one-half percent of the county's revenue for the preceding year.(c)  The certified or cashier's check that accompanies an application is a good-faith guarantee on the part of the applicant that if accepted as a county depository it will execute the bond required under this chapter.  If a bank is selected as a depository and does not provide the bond, the county shall retain the amount of the check as liquidated damages, and the county judge shall readvertise for applications, if necessary, to obtain a depository for the county.(d)  A bank in the county that wants to be a county subdepository must comply with Subsections (a) and (b)(1). The subdepository's application must include a proposal outlining its security for the county public funds to be held in addition to revenue offers.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1989, 71st Leg., ch. 628, Sec. 4, eff. Aug. 28, 1989;  Acts 1991, 72nd Leg., ch. 527, Sec. 3, eff. Sept. 1, 1991.Amended by: Acts 2007, 80th Leg., R.S., Ch. 899 (H.B. 2641), Sec. 3, eff. June 15, 2007.|
TX Loc Govt Code § 116.024 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter B. Establishment of Depository|Section 116.024. Selection of Depositories and Subdepositories

Sec. 116.024.  SELECTION OF DEPOSITORIES AND SUBDEPOSITORIES.  (a)  At the meeting at which banks are to be selected as county depositories, the commissioners court shall:(1)  enter in the minutes of the court all applications filed with the county judge;(2)  consider all applications; and(3)  select the qualified applicants that offer the most favorable terms and conditions for the handling of the county funds.(b)  The commissioners court may reject those applicants whose management or condition, in the opinion of the commissioners court, does not warrant placing county funds in their possession.(c)  After selecting one or more county depositories, the commissioners court shall immediately return the certified checks of the rejected applicants.  The commissioners court shall return the check of a successful applicant when the applicant executes and files a depository bond that is approved by the commissioners court.(d)  The conflict of interests provisions of Section 131.903 apply to the selection of the depositories.(e)  After selecting one or more subdepositories, the commissioners court shall immediately notify each selected applicant of its selection.  Within 15 days, the selected applicant must file a bond or other security as approved by the commissioners court.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1991, 72nd Leg., ch. 527, Sec. 4, 5, eff. Sept. 1, 1991;  Acts 1993, 73rd Leg., ch. 268, Sec. 29, eff. Sept. 1, 1993.Amended by: Acts 2007, 80th Leg., R.S., Ch. 899 (H.B. 2641), Sec. 4, eff. June 15, 2007.|
TX Loc Govt Code § 116.025 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter B. Establishment of Depository|Section 116.025. Designation of Depository or Subdepository

Sec. 116.025.  DESIGNATION OF DEPOSITORY OR SUBDEPOSITORY.  When security is provided in accordance with Subchapter C  and is approved by the commissioners court, the commissioners court shall, by an order entered in its minutes, designate the bank as a depository or subdepository for the funds of the county.  The designation is effective until the end of the 60th day after the date fixed for the next selection of a depository or subdepository.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1991, 72nd Leg., ch. 527, Sec. 6, eff. Sept. 1, 1991.|
TX Loc Govt Code § 116.026 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter B. Establishment of Depository|Section 116.026. Applicants Outside County

Sec. 116.026.  APPLICANTS OUTSIDE COUNTY.  If no bank located in the county applies to be designated as the county depository, the commissioners court may advertise, in the same manner provided by Section 116.022 for advertising for a depository within the county, for applications from banks in an adjoining county or any other county in this state.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.027 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter B. Establishment of Depository|Section 116.027. Selection of Nonapplicant Depository

Sec. 116.027.  SELECTION OF NONAPPLICANT DEPOSITORY.  (a)  If no application to be a county depository is submitted, or if all of the applications are declined, the commissioners court shall deposit the funds of the county with any one or more banks in the county or in the adjoining counties in the amounts and for the periods as the commissioners court considers advisable.(b)  A bank that receives deposits under this section shall provide security in the manner and form, and subject to the same conditions, as is required for a depository of county funds.  The penalty of the security must at least equal the total amount of county funds deposited with the bank.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.051 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.051. Qualification as Depository or Subdepository

Sec. 116.051.  QUALIFICATION AS DEPOSITORY OR SUBDEPOSITORY.  Within 15 days after the date a bank is selected as a county depository or subdepository, the bank must qualify as the depository or subdepository by providing security for the funds to be deposited by the county with the bank.  The depository or subdepository may secure these funds, at the option of the commissioners court, by:(1)  personal bond;  surety bond;  bonds, notes, and other securities;  first mortgages on real property;  real property;  certificates of deposit;  or a combination of these methods, as provided by this subchapter;  or(2)  investment securities or interests in them as provided by Chapter 726, Acts of the 67th Legislature, Regular Session, 1981 (Article 2529b-1, Vernon's Texas Civil Statutes).|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 1989, 71st Leg., ch. 1, Sec. 15(b), eff. Aug. 28, 1989;  Acts 1991, 72nd Leg., ch. 527, Sec. 7, eff. Sept. 1, 1991.|
TX Loc Govt Code § 116.052 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.052. Personal Bond

Sec. 116.052.  PERSONAL BOND.  (a)  One or more personal bonds executed and filed with the commissioners court, payable to the county judge and the judge's successors in office, qualify as security under this subchapter if:(1)  the bonds are signed by at least five solvent sureties who own unencumbered real property in the state that is not exempt from execution under the constitution and other laws of this state;(2)  the unencumbered and nonexempt real property owned by the sureties has a value at least equal to the amount of the bonds;  and(3)  the bonds are approved by the commissioners court.(b)  When a bond is filed for approval with the commissioners court under Subsection (a), the sureties shall also file a statement containing:(1)  a description of the unencumbered and nonexempt real property sufficient to identify it on the ground;  and(2)  the value of each tract of real property listed, including the value of the improvements on the property.(c)  After the commissioners court approves a personal bond, it shall be filed in the county clerk's office with the statement of the sureties attached to the bond.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.053 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.053. Surety Bond

Sec. 116.053.  SURETY BOND.  (a)  One or more bonds issued and executed by one or more solvent surety companies authorized to do business in this state, payable to the county judge and the judge's successors in office and filed with the commissioners court, qualifies as security under this subchapter if the bond is approved by the commissioners court.(b)  After the commissioners court approves a surety bond, it shall be filed in the county clerk's office.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.054 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.054. Bonds, Notes, and Other Securities

Sec. 116.054.  BONDS, NOTES, AND OTHER SECURITIES.  (a)  A county depository may pledge with the commissioners court as security under this subchapter:(1)  a bond, note, security of indebtedness, or other evidence of indebtedness of the United States if the evidence of indebtedness is supported by the full faith and credit of the United States or is guaranteed as to principal and interest by the United States;(2)  a bond of this state or of a county, municipality, independent school district, or common school district;(3)  a bond issued under the federal farm loan acts;(4)  a road district bond;(5)  a bond, pledge, or other security issued by the board of regents of The University of Texas System;(6)  bank acceptances of banks having a capital stock of at least $500,000;(7)  a note or bond secured by mortgages insured and debentures issued by the Federal Housing Administration;(8)  shares or share accounts of a savings and loan association organized under the laws of this state or of a federal savings and loan association domiciled in this state if the payment of the share or share accounts is insured by the Federal Savings and Loan Insurance Corporation;  or(9)  a bond issued by a municipal corporation in this state.(b)  Securities provided under this section must have a total market value equal to the amount of the depository bond.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.055 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.055. First Mortgages on Improved Real Property

Sec. 116.055.  FIRST MORTGAGES ON IMPROVED REAL PROPERTY.  (a)  If approved by the commissioners court, closed first mortgages on improved and unencumbered real property located in this state that are assigned to the county judge in a duly acknowledged instrument qualify as security under this subchapter.(b)  Before approving a mortgage as security, the commissioners court shall require:(1)  a written opinion by an attorney selected by the commissioners court showing that the lien is superior to any other claim to or right in the real property;  and(2)  insurance approved by the county judge covering the improvements on each tract of pledged real property and providing that a loss is payable to the county judge.(c)  An insurance policy required under Subsection (b) must be issued by a stock fire insurance company or mutual fire insurance company that has a $100,000 surplus in excess of all legal reserves and other liabilities.(d)  A mortgage accepted as security under this section shall immediately be recorded in each county in which part of the real property is located.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.056 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.056. Real Property

Sec. 116.056.  REAL PROPERTY.  (a)  If approved by the commissioners court, improved and unencumbered real property, pledged directly by deed of trust to a trustee selected by the commissioners court, with the county judge as beneficiary, qualifies as security under this subchapter.(b)  Before approving real property offered as security, the commissioners court shall require:(1)  a written opinion by an attorney selected by the commissioners court showing that the lien is superior to any other claim to or right in the real property;  and(2)  insurance approved by the county judge covering the improvements on the pledged real property and providing that a loss is payable to the county judge.(c)  An insurance policy required under Subsection (b) must be issued by a stock fire insurance company or mutual fire insurance company that has a $100,000 surplus in excess of all legal reserves and other liabilities.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.0565 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.0565. Certificate of Deposit

Sec. 116.0565.  CERTIFICATE OF DEPOSIT.  (a)  A certificate of deposit qualifies as security under this subchapter if the certificate is:(1)  held in the custody of a Federal Reserve Bank for safekeeping and made the subject of a valid pledge agreement designating the county as the beneficiary of the pledge agreement;(2)  insured in full by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation;(3)  described in detail by a safekeeping receipt issued to the county by the Federal Reserve Bank having custody of the certificates; and(4)  issued with the county as registered owner.(b)  A person to whom presentment of a certificate of deposit pledged to secure county funds is made may not pay or otherwise accept the certificate unless the certificate or the safekeeping receipt required by this section has been endorsed by the county and the depository.|Added by Acts 1989, 71st Leg., ch. 1, Sec. 15(b), eff. Aug. 28, 1989.|
TX Loc Govt Code § 116.057 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.057. Condition of Personal Bond or Contract for Securities

Sec. 116.057.  CONDITION OF PERSONAL BOND OR CONTRACT FOR SECURITIES.  (a)  A personal bond provided or a contract for the pledge of securities under this subchapter must be conditioned that the depository will:(1)  faithfully keep the county funds and faithfully perform all duties and obligations imposed by law on the depository;(2)  pay all checks drawn on a demand deposit account in a depository on presentation by the county treasurer;(3)  pay all checks drawn on a time deposit account on presentation after the expiration of the required period of notice;  and(4)  account for the county funds as required by law.(b)  A suit on a personal bond or a contract for securities provided or pledged under this subchapter must be tried in the county for which the depository is selected.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.058 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.058. Amount of Security Required

Sec. 116.058.  AMOUNT OF SECURITY REQUIRED.  (a)  Personal or surety bonds that secure county deposits must be in an amount equal to the estimated highest daily balance of the county, as determined by the commissioners court.  However, the commissioners court may not estimate the highest daily balance at an amount that is less than 75 percent of the highest daily balance of the county for the preceding year, less the amount of bond funds received and expended.(b)  Securities pledged to secure county funds on deposit in a depository must be in an amount equal to the amount of those funds.  However, real property securities may not be required in an amount greater than 25 percent of the assessed value of the property in the county, as shown by the certified tax roll for the preceding year.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.059 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.059. Valuation of Real Property Provided as Security

Sec. 116.059.  VALUATION OF REAL PROPERTY PROVIDED AS SECURITY.  The commissioners court shall investigate all real property security and determine the value at which the property will be accepted.  The commissioners court may not accept real property as security at a value greater than 50 percent of the reasonable market value of the property covered by a mortgage unless the mortgage is insured or guaranteed by the Federal Housing Administration.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.060 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter C. Security for Funds Held by Depository|Section 116.060. Security Not Required for Federally Insured Deposits

Sec. 116.060.  SECURITY NOT REQUIRED FOR FEDERALLY INSURED DEPOSITS.  A depository is not required to provide security for the deposit of county funds to the extent the deposits are insured under 12 U.S.C.A. Sections 1811-1832.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.081 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter D. Maintenance and Modification of Security|Section 116.081. New Bond

Sec. 116.081.  NEW BOND.  (a)  The commissioners court may by written order require a depository to execute a new bond whenever the commissioners court considers it advisable or considers it necessary for the protection of the county.(b)  Except for an additional bond required under Section 116.087, if a depository fails for any reason to file the required new bond within five days after the date the depository is served with a copy of the order, the commissioners court may select a new depository in the same manner as it would select a depository at the regular time.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.082 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter D. Maintenance and Modification of Security|Section 116.082. Substitution of Securities

Sec. 116.082.  SUBSTITUTION OF SECURITIES.  (a)  After reasonable notice to the commissioners court, a depository is entitled to substitute one type of security for another or replace particular securities with others of the same type if the substituting or replacing security meets the requirements of law and is approved by the commissioners court.  Instead of approval of each substitute or replacement security by the commissioners court, the commissioners court may:(1)  adopt a procedure for approving a substitute or replacement security under this section;  and(2)  designate a county employee or official, including a county judge, to approve the substitute or replacement security under the procedure adopted under Subdivision (1).(b)  The county judge shall execute the necessary instruments to transfer to the depository or its order a lien withdrawn from real property for which another security is substituted.(c)  The commissioners court may direct the manner in which securities pledged in place of personal or surety bonds are to be deposited.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.  Amended by Acts 2003, 78th Leg., ch. 742, Sec. 1, eff. June 20, 2003.|
TX Loc Govt Code § 116.083 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter D. Maintenance and Modification of Security|Section 116.083. Release of Excess Security

Sec. 116.083.  RELEASE OF EXCESS SECURITY.  If the securities pledged by a depository to secure county funds exceed the amount required under this chapter, the commissioners court shall permit the release of the excess.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.084 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter D. Maintenance and Modification of Security|Section 116.084. Inadequate Security

Sec. 116.084.  INADEQUATE SECURITY.  If for any reason the county funds on deposit with the county depository exceed the amount of security pledged, the depository shall immediately pledge additional security with the commissioners court.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|
TX Loc Govt Code § 116.085 (2021)
2021 Texas Statutes|Local Government Code|Title 4 - Finances|Subtitle B - County Finances|Chapter 116 - Depositories for County Public Funds|Subchapter D. Maintenance and Modification of Security|Section 116.085. Solvency of Personal Surety

Sec. 116.085.  SOLVENCY OF PERSONAL SURETY.  (a)  At least twice each year while a personal bond securing the county's deposits is in effect, the commissioners court shall investigate the solvency of each surety on the bond.  The commissioners court may require the surety to make an itemized and verified financial statement correctly showing the surety's financial position and, if the bond requires the surety to own real property, identifying each tract of real property owned by the surety and stating its value.(b)  The commissioners court shall require a depository to provide a new bond meeting the requirements of this chapter if a financial statement provided under Subsection (a) indicates that:(1)  a surety is insolvent;(2)  a surety's net worth is less than the amount required by this chapter;(3)  the assets listed on the statement are depreciated or their value is in any way impaired;  or(4)  real property required by the bond has been disposed of or encumbered and the value of the surety's remaining unencumbered and nonexempt real property is inadequate to meet the requirements of this chapter.|Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.|