Case Information
*1 OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN
Honorctble J. A;. ~ale~00b
county Attorney
iiatndsll County
Canyon, 'Sexa
g 8 aopmik>rr bank l lOB8 Uou Rt of Oh. eotret~ rude *it un4.r ah e to rma 8tatut*, w&on rrriea in wlelr own hat th e 4ep o rlto ry rare aa r*kta4 *~+h3rthn8 Doe8 O4miesioncru 0ourt a oounty have any dlmrettoa in the matter of RexRiOting a dep08ito~ bank to glodge e It:68 amouot of bonQ8 *2 Eon. Y. D. ifaslewood, pago 6
than the oounty hwi8 on deposit under the term of this atatuts, ahen they an satistiea in their own minds that ths lisporitor~ Bank ir 8iae Lust require the Dipoaltory Bank to plebga bonds In ss tinaa.nt pual the sounty funds on deposit?
~Rererrlsg to your opinion 0434, to w&t oxtsnt would @DlUltJ fumlr ba ins~X.6 by x. D. I. C., provided they aere dopomIte4 by t&o Oounty In espar~te run48 vuoh a8 the k4 ~4 BRIdgO'~Wl4, Gourt Bourn an4 iall, nB.G4neralPund, *to? *ouU web fund be lnsuxo4 up to &WO.OO, or would they ba treated a& oae iund4a
ArtleLe tlM9, V~xnon~s 4uiotate4 Clvll tidmPB*s, pro- ~14.8 IO riieot that It shall bo the duty oi’the bm*tng QO?- poratlon, assoelatlon or ln4ItIdu~l benkor so seleotod, to qualify a6 county deposltox~ in on* or mara 0r the three wara pXOVi6Od b Bad S?&Ute, Opthi Or the 0~88iO~~~' In this eonneotlon we odl row attontlon to M-tie10 aouxt. BB4lh (9enato Bill Bo. I%B Aots of the 49th 4~sI~tuxe), uhloh ma48 In put as dowsr
*Any banking oorpor~lilon In stat0 0r %x88 lsstsd a~ ths depository bmak oounop fuoaa, or fox tbs funds of enf seh6al Plstrlet in '?e.xas, Lpolod- M oommon rohool Qlttrlets indaporbant s&601 die trlots, rural hi& sehcol ajmtrIot8, ooasolI4~te4 sohool diatrlcts, and any otho? soheol 4latrIats in Texas, or r\ut48 anf *tats lnstitutlon, *all bo authorIre to plo460 getmnl fun4 warrants of the stat-0 or Tuas as seaurltIo8 ior the parposo or sa- ourIng such funds *hon. a8 othanlse prorIao4 by &u, suoh banlclng oorporatlonq are ~aubharlso4 to plsbgs setourltles in lisu Or pisrsoml bond8 runty boa&s for the purpose 8souri* auah rm48i provIb4, however, this pririlego shall oema ana be null and void whanover drii6ft in tke @meAL iun4 shall xaeed Party-two XillIoa ((l~,OOO,600J@) Doalaxs."
From the tact8 in your letter, it $8 apparent that the baparsltory -An qtter,tIon gPrllfl8d a6 aiuoh Under khbseotion (a) rcstioae 8649, supra.
Artle3.o B666a, VOAO~~S Annotated Qlrll P)trtutos, pro- tiaesr
&an. J. D. Haslewood, page 3
a~OtWithS8%AdiIIg Sny pt0tiSi~ll Or this %Ot ro- pulsing leeouritles for deposIta in the rorm ar 001lab mrtty bonds or In any otha form, ssourI$y for tral, suah deposit shell not be require4 to the extent meld deposits are Lnatued under tne prwisions or 9eetion 12b oi tho Bodwal Besmrv4 Aot ae eraended, any az3~nQ~enba thereto. w
Ta,u will nate above pt'QVifdOAS Or Ar$Iale iBxpreesly axemptsuuk bake thst srs membsrs m ocma 25th rithin the provisioas ~0~810n 3.m or Te4ml R08oPv.
Aot as amoa48d, any a~edlmeats theroto, f%om being r'c quirsd to avl~latsln saourlties a6 oollateral~ror the prot*otlon county or oity Oepoaits to the extent of the &opos$$s lanoured by ssIQ law.
&I OXMincltiOn Or 8he ~WiSiUAS & the 19 5 4tUAwBt to the Febordi *eaerve Act disoloaes that SeoMoa L R ammb4, net forth under 64, &eta a? 74.u: g-ss, Chaptar Yemion One, *I tooad In Volmm b9, U. & Statutes large,
e 68&, 3wovl4es for the artsbl&eMo~t of the Pe4eral Beposit E tion ‘4a 46al.J or LnstmuReat~PIty ot tha Te4erd. is A8t ‘. provldos that any 884ta and EMienal 4Wnm OOVOAEM8. -**~ “r Bmk ahaIl be aa insure4 ba& aada thq Aat with It@ daptaalti Usam& up to f&000.00, Every fJa8Iorul. Baalc within the United 88aks, and every State Beak olsrioh 18 a mez&er of the t6slem.l Reserve 8yystem, are Inmutt ,nsmbez ‘banks with ml4 iMoral Dt posit IMUAu,S col=poAtioA. In MLPWBF to polar rl!Pst two qusa8lf3M as st%to4 I.5 your letter, you art respeatm adtlsed that it 1s thb opln- iom of rhls Dapn.rfaemt andbr Sabsaetfoa (a) or Artlelo 25k7, BII~W, Eta Dopasito~ &mk la requIrea to plate seoux4ttu 4% get out In said subssation an amount 0qun1 to the eolmtr 4eposlts lest the arwunt m-4 uader the Ye4emX RepoeSt Insurance f.Zorporatlon.
Klth rererenoe the 3.~0 two amiutloaa above, this Department has hsretolore m&d on qoesliloar Very siptIm to tho8e presentad in yew IaquIrr. ia our ~Opiaioar Blo. O-19&4 Thersfore, vo are l nolosin$ horedth copier ad 810. o-1919.
0t the 0pinie5abors m6ntloeed row iafams$%on~
On July a$, 19&o, Hoaorable t. 5. BIr4sell, @en&a% Counsel for the Bedaral Doposit ~nsuraaoe CorpCar4tioIl, ~UhiAg8Oa, D. 0. in a letter $o Sm. 3. El, EamesSj COW&~, &44e, Qlalremoat, *4 Hon. 3. D. BaSlwood, page
Texa.8, expracsmul the opinion and oontenblon o? the ibote name& oorporatlon relative to the matters therein oonsldared and dls- oussed. It ~111 bs uotsd that on page f, with retoranoo to runds depoelted in a jury rund, m~sral mud, to., It was said: With rarcronoe to runds ueporlteu In a jury rund
acoount, 0rrioad salnra rund aooount, oourt houss and jail rumI a000urlt, spaoial oounty hoepltal maln- tmmnoe ooount, warrant aooount and gumml fund ao o ount, you l e atWised that we mro th opinion nme or these aooouats are held by thm oounty In a dlriexont right and oapaoity rmm it8 general rtdh Aooordln&y, it 1s our eg.2nlon that they would all bd add& to&&h- with uy otha ootmbJ runds owmd la the muue xlght and oaparity and in, marod up to $5,000.*
The oouxts hate not passed 01l the auati r~po#itlam under oonsldwatl&n, lnsoiax as we &TO baen 8blm e e dmtwmine. IiOWWW, the opin10~ U&I the dC+&YUSTikWMi~ OOSi~tXUO%iW Or th* etatutor involved &rent leas% rdma8lVe. Therdcwe, It Is our opinion the above e QW ed paragnph atmw8x8 Ohs la& queatiom aa stated above. 978 *X8 WOlO~in& COPY Of th8 above mentioned letter ror your lnforaatlon.
Trusting that the iorsgoing, fully answers your lnqUirY, W8 are