The Laws of Texas, 1931-1933 [Volume 28] Page: 27 of 2,111
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FORTY-SECOND LEGISLATURE-FIRST CALLED SESSION. 19
bank shall immediately pledge additional securities with the
governing body so that the securities pledged shall at no time
be of a value of less than the total amount of city funds on
deposit in said depository bank. Provided however, the determination
of such value shall be in the discretion of the governing
body whose decision shall be final and binding on such
depository. The right of substitution of securities shall be
granted to depositories, provided the securities substituted meet
with the requirements of the law and are approved by the governing
body. Upon the request of such depository bank, the
governing body shall surrender interest coupons or other evidence
of interest, when due, on securities deposited with said
governing body by such depository bank, provided said securities
remaining pledged are ample to meet the requirements of
this Act and of such governing body.
The condition of the personal bond or bonds or surety company
bond or contract for securities pledged as hereinabove provided.
shall be conditioned for the faithful performance of all
the duties and obligations devolving by law upon such depository,
and for the payment upon presentation of all checks drawn
upon said depository by the City Treasurer of the city and that
said city funds shall be faithfully kept by said depository and
accounted for according to law. Any suits arising thereon shall
be tried in the county in which such city, town, or village is
It shall be the duty of the governing body to investigate and
inquire into the solvency of each and every surety on any personal
bond or bonds so filed by such city depository and accepted
by the governing body and approved as required by law,
at least twice during each and every year such bonds are effective
and in force, and for that purpose shall have authority to
require each surety to render an itemized and verified financial
statement under oath showing his true financial condition. If
any such statement or statements indicate that any of said sureties
have become insolvent, or their net worth depreciated below
the amount required by law as such sureties, or if any of the
assets listed are shown to be, or are known to be depreciated,
or their value in any way impaired, then and in any of such
events the governing body shall require a new bond meeting fully
the requirements of this law; and in case of a bond or bonds the
sureties on which are required to own unencumbered and nonexempt
real estate as herein provided, such statement shall
show each tract of land owned by each surety and the value
thereof, and if the statements provided for herein shall indicate
that any of such lands have been disposed of or encumbered
and the value of the remaining unencumbered or nonexempt
lands shall not be sufficient to meet the requirements
of this law, then the said governing body shall require a new
bond meeting fully the requirements of this law. The governing
body shall at any time it may deem necessary for the protection
of the city, investigate and inquire into the solvency of
any surety company or companies issuing a bond or bonds for
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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/m1/27/: accessed September 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .