DEPOSIT OF PUBLIC FUNDS BY LOCAL GOVERNMENT.
Tex. FIN Code § 279.152.
in effect(a) A local government may deposit public funds with a financial institution designated as a banking district depository or a credit union designated as a credit union district depository under Section 279.151 regardless of whether the financial institution or credit union is designated by the comptroller as a state depository under Subchapter C , Chapter 404 , Government Code.
(b) Subject to an agreement between the governing body and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate. The terms of the agreement must be specified in the applicable resolution adopted under Section 279.151 .
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626 ), Sec. 1, eff. September 1, 2015.