We are in receipt of your opinion request and quote from your letter as follows:

"Article 297, as amended, leaves out, . . .I and the legally issued warrants of any of said municipalities so named.' "This department now has for approval several depository bonds securedby, ' and the legally issued warrants of any of said municipalities so named.'

"Am I authorized to approve such bonds?" Article i547, section (c) ( as amended, Acts 1937, Forty-fifth Legislature, page 1298, chapter 484, section 1) reads *s follows:

'In lieu of such personal bonds or surety bonds as above specified, said banking corporation, association or individual banker so se- lected as county depository, msy pledge and said depository bank is authorized to pledge with the Commissioners' Court for the purpose of securing such county funds, securities of the following kind, in an amount equal to the amount of such county funds on deposit in said depository bank, to-wit: bonds and notes of the United States, securities of indebtedness of the United States, and other evidences of indebtedness of the United States, when said evidences of indebtedness are supported by the full faith and credit of the United States of America and other bonds or other evidences of indebtedness vhich sre guaranteed 8s to both principal and interest by the United States Government; bonds of the State of Texas, or of any county, city, town, independent school district, common school district or bonds issued under the Fenders1 Farm Loan Act,or road district bonds, bonds, pledges or other securities issued *2 Eon. Oeo. H. Sheppard, page #2 (O-1109)

by the Board of Regeuts of the Univarsity of Texan, bank acceptances of banks having a capitalstoekofnotl.esa thanFiveHuudred Thousand Dollarm ($5OO,OOO)j notes or bon& secured by mortgages insured and debentures irsued by the Bederal Housing Adminiatretor of the mated states Gov ernment, and bonda Issued by municipal corporationa in Texa8 . . ."

The type of securities that my be pledged by county depository pledge contracts are unmterated in the rtetute above qwted. "Legelly iarued warrants of any of said munlcipalitiea so named' la not included in the amended rtatute (Acts 1937, Forty-fifth Legislature, pege 1298, chapter 484, section 1).

It is the opinion of this department that only the securities enumerated in Article 2547 may be pledged. Therefore, we feel thct county depository pledge contracta, including legally issued warrants of municipalities should not be approved by the Comptroller of Public Accounts.

Trusting that this answer8 your question we remain.

Very truly yours A’Il!OlUiEf GNNNBAL OF TEXAS3 a/ Cloud 0. Boothman w Cloud 0. Boothmen Asri8tant APPROVED AIJO. 11, 1939

o/ 0NRAl.D c. M4NN

ATTORNFZ GNNNRAL OF TEXAS

APPROVND OPINION COMMITTEE

BP R. U. B.

CHAIRMAll