General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 822
iii-xxiii, 270, xxxix, 1943 p. ; 25 cm.View a full description of this legislative document.
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Ch. 312 58TH LEGISLATURE--REGULAR SESSION
ney General. If such bonds have been authorized and if such contracts
have been made in accordance with the Constitution and laws of the State
of Texas, he shall approve the bonds and such contracts, and the bonds
then shall be registered by the Comptroller of Public Accounts. There-
after the bonds and the contracts, if any, shall be valid and binding and
shall be incontestable for any cause.
Sec. 16. (a) The Board shall designate one or more banks within Den-
ton County to serve as depository for the funds of the Authority. All
funds of the Authority shall be deposited in such depository bank or banks
except that funds pledged to pay bonds may be deposited with the trustee
bank named in the trust agreement, and except that funds shall be remitted
to the bank or banks of payment for the payment of principal of and inter-
est on bonds. To the extent that funds in the depository bank and the
trustee bank are not insured by the Federal Deposit Insurance Corporation
they shall be secured in the manner provided by law for the security of
City funds.
(b) Before designating a depository bank or banks, the Board shall is-
sue a notice stating the time and place when and where the Board will meet
for such purpose and inviting the banks in the Authority to submit appli-
cations to be designated depositories. The terms of service for deposi-
tories shall be prescribed by the Board. Such notice shall be in writing
and either published or mailed to each bank within the County at least
ten (10) days prior to the date fixed for receiving bids.
(c) At the time mentioned in the notice, the Board shall consider the
applications and the management and condition of the banks filing them,
and shall designate as depositories the bank or banks which offer the most
favorable terms and conditions for the handling of the funds of the Au-
thority, and which the Board finds have proper management and are in
condition to warrant handling of Authority funds. Membership on the
Board of an officer or director of a bank shall not disqualify such bank
from being designated as depository.
(d) If no applications are received by the time stated in the notice, the
Board may designate some bank or banks within or without the county
upon such terms and conditions as it may find advantageous to the Author-
ity.
Sec. 17. All bonds of the Authority shall be and are hereby declared to
be legal and authorized investments for banks, savings banks, trust com-
panies, building and loan associations, savings and loan associations, in-
surance companies, fiduciaries, trustees, guardians, and for the sinking
funds of cities, towns, villages, counties, school districts, and other politi-
cal corporations or subdivisions of the State of Texas. Such bonds shall be
eligible to secure the deposit of any and all public funds of the State of
Texas, and any and all public funds of cities, towns, villages, counties,
school districts, and other political corporations or subdivisions of the
State of Texas; and such bonds shall be lawful and sufficient security for
said deposits to the extent of their value, when accompanied by all unma-
tured coupons appurtenant thereto.
Sec. 18. The accomplishment of the purposes stated in this Act is for
the benefit of the people of this State and for the improvement of their
properties and industries, and the Authority, in carrying out the purposes
of this Act, will be performing an essential public function under the Con-
stitution. The Authority shall not be required to pay any tax or assess-
ment on the project or any part thereof, and the bonds issued hereunder
and their transfer and the income therefrom, including the profits made
on the sale thereof, shall at all times be free from taxation within this
State.
822
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/1158/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.