VERNON'S TEXAS CIVIL STATUTES

TITLE 47. DEPOSITORIES

CHAPTER 2. COUNTY DEPOSITORIES




Art. 2548a. Pledge of State General Fund Warrants as security for 
deposited funds of county or school district in lieu of bonds

Any banking corporation in the State of Texas selected as the 
depository bank for County Funds, or for the funds of any School 
District in Texas, including Common School Districts, Independent 
School Districts, Rural High School Districts, Consolidated School 
Districts, and any other School District in Texas, or funds of any 
State institution, shall be authorized to pledge General Fund 
Warrants of the State of Texas as securities for the purpose of 
securing such funds when, as otherwise provided by law, such 
banking corporations are authorized to pledge securities in lieu of 
personal bonds or surety bonds for the purpose of securing such 
Funds;  provided, however, this privilege shall cease and be null 
and void whenever the deficit in the General Fund shall exceed 
Forty-two Million ($42,000,000.00) Dollars.

Acts 1941, 47th Leg., p. 100, ch. 82, Sec. 1.