TX Govt Code § 2257.002 (2021)
2021 Texas Statutes|Government Code|Title 10 - General Government|Subtitle F - State and Local Contracts and Fund Management|Chapter 2257 - Collateral for Public Funds|Subchapter A. General Provisions|Section 2257.002. Definitions

Sec. 2257.002.  DEFINITIONS.  In this chapter:(1)  "Bank holding company" has the meaning assigned by Section 31.002(a), Finance Code.(2)  "Control" has the meaning assigned by Section 31.002(a), Finance Code.(3)  "Deposit of public funds" means public funds of a public entity that:(A)  the comptroller does not manage under Chapter 404;  and(B)  are held as a demand or time deposit by a depository institution expressly authorized by law to accept a public entity's demand or time deposit.(4)  "Eligible security" means:(A)  a surety bond;(B)  an investment security;(C)  an ownership or beneficial interest in an investment security, other than an option contract to purchase or sell an investment security;(D)  a fixed-rate collateralized mortgage obligation that has an expected weighted average life of 10 years or less and does not constitute a high-risk mortgage security;(E)  a floating-rate collateralized mortgage obligation that does not constitute a high-risk mortgage security; or(F)  a letter of credit issued by a federal home loan bank.(5)  "Investment security" means:(A)  an obligation that in the opinion of the attorney general of the United States is a general obligation of the United States and backed by its full faith and credit;(B)  a general or special obligation issued by a public agency that is payable from taxes, revenues, or a combination of taxes and revenues;  or(C)  a security in which a public entity may invest under Subchapter A, Chapter 2256.(6)  "Permitted institution" means:(A)  a Federal Reserve Bank;(B)  a clearing corporation, as defined by Section 8.102, Business & Commerce Code;(C)  a bank eligible to be a custodian under Section 2257.041;  or(D)  a state or nationally chartered bank that is controlled by a bank holding company that controls a bank eligible to be a custodian under Section 2257.041.(7)  "Public agency" means a state or a political or governmental entity, agency, instrumentality, or subdivision of a state, including a municipality, an institution of higher education, as defined by Section 61.003, Education Code, a junior college, a district created under Article XVI, Section 59, of the Texas Constitution, and a public hospital.(8)  "Public entity" means a public agency in this state, but does not include an institution of higher education, as defined by Section 61.003, Education Code.(9)  "State agency" means a public entity that:(A)  has authority that is not limited to a geographic portion of the state;  and(B)  was created by the constitution or a statute.(10)  "Trust receipt" means evidence of receipt, identification, and recording, including:(A)  a physical controlled trust receipt;  or(B)  a written or electronically transmitted advice of transaction.|Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993.  Amended by Acts 1995, 74th Leg., ch. 76, Sec. 5.48(a), eff. Sept. 1, 1995;  Acts 1995, 74th Leg., ch. 914, Sec. 5, eff. Sept. 1, 1995;  Acts 1997, 75th Leg., ch. 254, Sec. 1, eff. Sept. 1, 1997;  Acts 1997, 75th Leg., ch. 891, Sec. 3.22(4), eff. Sept. 1, 1997;  Acts 1997, 75th Leg., ch. 1423, Sec. 8.70, eff. Sept. 1, 1997;  Acts 1999, 76th Leg., ch. 62, Sec. 7.63, eff. Sept. 1, 1999.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 783 (H.B. 2103), Sec. 1, eff. June 17, 2011.|