The Laws of Texas, 1931-1933 [Volume 28] Page: 26 of 2,111
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18 GENERAL AND SPECIAL LAWS.
exempt lands owned by them sufficient to identify such lands
on the ground, and such statement shall remain on file with the
City Secretary attached to such bond or bonds, which statement
shall contain a fair estimate of the value of each tract of land
so listed, together with the value of the improvements thereon.
(b) By having issued and executed by some solvent surety
company or companies authorized to do business in the State
of Texas, such bond or bonds as provided by law, to be in the
amount and payable as provided in subdivision (a) hereinabove,
which said surety bond shall be approved by the governing
body and filed with the City Secretary.
(c) By executing and filing with the governing body a bond
or bonds in an amount and payable as provided in subdivision
(a) hereinabove to be approved by the governing body and filed
with the City Secretary of such city, said bond or bonds to be
signed by not less than five (5) solvent sureties who shall prepare
and file with the governing body, at the time of the filing
of said bond, an itemized and verified financial statement, which
shall show the aggregate net worth of all to be equal to or in
excess of the amount of such bond or bonds as hereinabove provided
(d) In lieu of such personal bonds or surety bonds as above
specified, said banking corporation or corporations, association
or associations or individual banker or bankers so selected as
the city depository may pledge, and said depository bank is
hereby authorized to pledge with the governing body of such
city for the purpose of securing such city funds, securities of
the following kind in an amount equal to the amount of said
city funds on deposit in said depository bank or banks, to-wit:
United States Bonds, Certificates of Indebtedness of the United
States, bonds of the State of Texas, or of any county, city, town,
independent school district, common school district, or bonds
issued under the Federal Farm Loan Act, or Road District
bonds or obligations and pledges of the University of Texas;
bank acceptances of banks having a capital stock of not less
than Five Hundred Thousand Dollars, ($500,000.00), Water
Improvement District, and Water Control and Improvement
District Bonds, and the legally issued warrants of any of said
municipalities so named and bonds issued by municipal corporations
in Texas, bonds, pledges, or other securities issued by the
Board of Regents of the University of Texas; and said city
may accept said securities in lieu of such personal or surety
bonds, which securities so pledged shall be deposited as the
governing body may direct. It is provided however, that such
securities so pledged shall be approved as to kind and value by
the governing body.
When the securities pledged by a depository bank to secure
city funds shall be in excess of the amount required under the
provisions of this Article, the governing body of such city shall
permit the release of such excess; and when the city funds
deposited with such depository bank shall for any reason increase
beyond the amount of securities pledged, said depository
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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/m1/26/: accessed January 20, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .