The Laws of Texas, 1931-1933 [Volume 28] Page: 25 of 2,111
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FORTY-SECOND LEGISLATURE-FIRST CALLED SESSION. 17
Constitution, is authorized to receive sealed proposals for the
custody of city funds, from any banking corporation or corporations,
association or associations or individual banker or bankers
doing business within the city, town, or village that may
desire to be selected as a depository of the city, town, or village.
The school funds, from whatever source derived, of incorporated
cities, is part of the city funds and is subject to the provisions of
this Chapter. Notice that such bids will be received shall be published
by the City Secretary not less than one nor more than
four (4) weeks before such meeting, in some newspaper published
in the city. Any banking corporation or corporations,
association or associations, or individual banker or bankers,
doing business in the city, town, or village desiring to bid,
shall deliver to the City Secretary, on or before the day of such
meeting designated by said published notice, a sealed proposal,
stating the rate per cent upon daily balances that such bidder
offers to pay to the city, town, or village for the privilege of
being made the depository of the funds of the city, town, or
village. All such proposals shall be securely kept by the Secretary.
and shall not be opened until the meeting of the council
for the purpose of passing upon the same; nor shall any other
proposals be received after they shall have been opened.
SEC. 2. That Article 2560 Revised Civil Statutes of 1925 of
the State of Texas be amended so as to hereafter read as follows:
Art. 2560. Award and Bond-Upon opening of sealed propcsals
submitted, the governing body shall select as the depository
or depositories of such funds the banking corporation or
corporations, association or associations or individual banker
or bankers offering to pay to the city the largest amount for
such privilege. The governing body of such city, town, or village
shall have the right to reject any and all bids and readvertise
for new proposals.
Within five (5) days after the selection of such depository
or depositories, it shall be the duty of the banking corporation
or corporations, association or associations, or individual banker
or bankers so selected to qualify as city depository in one or
more of the following ways at the option of the governing body
of such city, town, or village.
(a) By executing and filing with the governing body of a
bcnd or bonds, payable to the city, to be approved by the governing
body, said bond to be signed by not less than five (5)
solvent sureties who shall own unencumbered real estate in
this State not exempt from execution under the Constitution
and Laws of this State of a value equal to or in excess of the
amount of said bond, or of a value equal to or in excess of the
amount of said bonds when there is more than one bond; and
said bond or bonds shall in no event be for less than the total
amount of the revenue of such city for the next preceding year
for which said bond or bonds are made. The sureties shall
file with the city at the time of filing said bond or bonds a statement
containing a description of the unencumbered and non-
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1931-1933 [Volume 28], book, 1933; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth17293/m1/25/: accessed April 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .