Bill Text: TX SB581 | 2013-2014 | 83rd Legislature | Enrolled

---

Bill Title: Relating to procedures for securing the deposit of public funds.

Sponsorship: Bipartisan Bill

Status: (Passed) 2013-06-14 - Effective immediately [SB581 Detail]

Download: Texas-2013-SB581-Enrolled.html

---

S.B. No. 581

AN ACT
relating to procedures for securing the deposit of public funds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2257.045, Government Code, is amended to
read as follows:
Sec. 2257.045. RECEIPT OF SECURITY BY CUSTODIAN. (a) On
receipt of an investment security, a custodian shall[:
[(1)] immediately identify on its books and records,
by book entry or another method, the pledge of the security to the
public entity.
(b) For a deposit of public funds under Subchapter F, the
custodian shall issue and deliver to the comptroller a trust
receipt for the pledged security.
(c) For any other deposit of public funds under this
chapter, at the written direction of the appropriate public entity
officer, the custodian shall:
(1) [; and
[(2) promptly] issue and deliver to the appropriate
public entity officer a trust receipt for the pledged security; or
(2) issue and deliver a trust receipt for the pledged
security to the public entity's depository and instruct the
depository to deliver the trust receipt to the public entity
officer immediately.
(d) The custodian shall issue and deliver the trust receipt
as soon as practicable on the same business day on which the
investment security is received.
SECTION 2. Section 2257.046, Government Code, is amended by
adding Subsection (d) to read as follows:
(d) At the request of the appropriate public entity officer,
the public entity's custodian shall provide a current list of all
pledged investment securities. The list must include, for each
pledged investment security:
(1) the name of the public entity;
(2) the date the security was pledged to secure the
public entity's deposit;
(3) the Committee on Uniform Security Identification
Procedures (CUSIP) number of the security;
(4) the face value and maturity date of the security;
and
(5) the confirmation number on the trust receipt
issued by the custodian.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 581 passed the Senate on
March 25, 2013, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 581 passed the House on
May 14, 2013, by the following vote: Yeas 143, Nays 0, two
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor