The Laws of Texas, 1929-1931 [Volume 27] Page: 34 of 1,943
The following text was automatically extracted from the image on this page using optical character recognition software:
22 GENERAL LAWS.
such County as may desire to be selected as the Depository for
Trust Funds in the possession of County and District Clerks.
Said sealed proposals shall be filed with the County Clerk on
or before ten o'clock A. M. on the first day of the term of Court
at which bids are to be received. The proposals submitted shall
state the rate of interest offered on average daily deposits of
the trust funds of the County and District Clerks for the term
between the date of the bid and the selection, designation, and
qualification of another Depository. Said bill shall be accompanied
by a certified check for not less than one-half of one
per cent of the average daily balances of the amount of trust
funds in the possession of said Clerks during the preceding
calendar year, which amount shall be determined by the County
Clerk on or before ten days before the bids herein provided
for are required to be filed, and a certified check accompanying
the bid as herein provided for, in the amount so determined
by the County Clerk, shall be a sufficient compliance with the
provisions of this section with reference to accompanying the
bid with a certified check, which certified check shall be a
guarantee of the good faith on the part of the bidder, and that
if his or its bid is accepted the bond hereinafter provided for
will be entered into. Upon the failure of the banking corporation,
association, or individual banker that may be selected as
such Depository, to give the bond required by law, the amount
of such certified check shall go to the County as liquidated
damages, and the County shall select another Depository as
hereinafter provided. In the event any bid is not accepted, the
certified check accompanying the same shall be returned. The
check of the bidder whose bid is accepted shall be returned
when his bond is filed and approved by the Commissioners'
Court and not until such bond is filed and approved. It shall
not be necessary for the County to advertise or give notice
that bids will be received as provided by this section.
SEC. 2. It shall be the duty of the Commissioners' Court at
ten o'clock A. M. on the first day of each term at which bids
are required to be received to open publicly such bids and
cause each bid to be entered upon the minutes of the Court, and
to select as the Depository of the Trust Funds in the possession
of County and District Clerks the banking corporation,
association, or individual banker offering to pay the largest
rate of interest per annum for said funds. The Commissioners'
Court may reject any and all bids. The interest upon such
funds shall be computed upon daily balances to the credit of
such individual owners of said trust funds, and shall be payable
upon withdrawal to the legal owners of such funds, when
said trust funds have been on deposit with said Clerks for a
period in excess of three days.
SEC. 3. Within thirty days after the selection of such depository,
it shall be the duty of the Banking Corporation, Association,
or Individual Banker so selected to qualify as County
Here’s what’s next.
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth16362/m1/34/: accessed May 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .