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Texas Government Code - GOV'T § 2257.102. Pooled Collateral Program

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) As an alternative to collateralization under Subchapter B,  1 the comptroller by rule shall establish a program for centralized pooled collateralization of deposits of public funds and for monitoring collateral maintained by participating institutions. The rules must provide that deposits of public funds of a county are not eligible for collateralization under the program. The comptroller shall provide for a separate collateral pool for any single participating institution's deposits of public funds.

(b) Under the pooled collateral program, the collateral of a participating institution pledged for a public deposit may not be combined with, cross-collateralized with, aggregated with, or pledged to another participating institution's collateral pools for pledging purposes.

(c) A participating institution may pledge its pooled securities to more than one participating depositor under contract with that participating institution.

(d) The pooled collateral program must provide for:

(1) participation in the program by a participating institution and each affected public entity to be voluntary;

(2) uniform procedures for processing all collateral transactions that are subject to an approved security agreement described by Section 2257.103; and

(3) the pledging of a participating institution's collateral securities using a single custodial account instead of an account for each depositor of public funds.

1 V.T.C.A., Government Code § 2257.021 et seq.
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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2257.102. Pooled Collateral Program - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2257-102/

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