STATE STATUTES & CODES
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TEXAS STATUTES AND CODES
CHAPTER 2. COUNTY DEPOSITORIES
VERNON'S CIVIL STATUTES
TITLE 47. DEPOSITORIES
CHAPTER 2. COUNTY DEPOSITORIES
Art. 2548a. PLEDGE OF STATE GENERAL FUND WARRANTS AS SECURITY FOR
DEPOSITED FUNDS OF COUNTY OR SCHOOL DISTRICT IN LIEU OF BONDS.
Any banking corporation in the State of Texas selected as the
depository bank for County Funds, or for the funds of any School
District in Texas, including Common School Districts, Independent
School Districts, Rural High School Districts, Consolidated
School Districts, and any other School District in Texas, or
funds of any State institution, shall be authorized to pledge
General Fund Warrants of the State of Texas as securities for the
purpose of securing such funds when, as otherwise provided by
law, such banking corporations are authorized to pledge
securities in lieu of personal bonds or surety bonds for the
purpose of securing such Funds; provided, however, this privilege
shall cease and be null and void whenever the deficit in the
General Fund shall exceed Forty-two Million ($42,000,000.00)
Dollars.
Acts 1941, 47th Leg., p. 100, ch. 82, Sec. 1.