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<br />'.'. ; 'GENERAL: GOVEID' 'ENT
<br />',:'CIi. .2256
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<br />S2256';014':
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<br />Historical. and statutory Notes
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<br />Acts 1989, 71st Leg., ch. 750, 9 1.."...... ,,","
<br />Vernon's Ann.Civ.St art. 842a-'2,9'2(b).,,,',
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<br />, , Prior Laws:
<br />Acts 1987, 70th Leg., ch. 889.
<br />Acts 1989, 71st Leg.. ch. 628, 9 1.
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<br />~ 2256.013. Bids for Common Trust Fund Investments
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<br />I, (a) An institution of higher education or a rnunicipality, county,' school
<br />, district, or navigation district rnay invest in a cornrnon trust fund under Section.
<br />2256.012 only after soliciting orally or in another rnannercornpetitive bids
<br />from at least three banks. ' ".". , ,.,.'" . ,'"
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<br />, (b) The solicitations for bids required by Subsection (a) for a county shall be
<br />made only to banks located in the county 'unless there are fewer than three
<br />'banks available for the investment located in the county; in which case; the
<br />solicitations shall be rnade to each bank in the county and, as necessary'to
<br />complete thc solicitations, to banks located in this state.
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<br />(c) The solicitations for bids rcquircd by Subscction (a) for a rnuhiClpality or
<br />a school district shall be rnadc, only to banks locatcd in the rnunicipality: or
<br />school district unless thercarc fewer than three banks available for, the;
<br />,investmcnts locatcd in thc rnunicipality or school district; in which case, the
<br />solicitations shall be made to each bank in thc rnunicipality' 6rschooldisfiiCt
<br />and, as ncccssary to cornpletc thesolicitations, to banks in a county in which
<br />the rnunicipality or school disti'ict is located. If there are fewer than three
<br />banks availablc for investments in the rnunicipality or school district and in the
<br />counties in which the rnunicipality or school district is located,. the solicitations
<br />shall be madc to each bank in thc municipality or school district and in the
<br />counties in which the rnunicipality or school district is located, and, as
<br />ncccssary to completc the solicitations, to banks located in this state.
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<br />(d) This scction applies to a nonprofit corporation' acting on behalf of a
<br />,municipality/county, or s'chool district as it applies to 'the municipality, county;
<br />or school district. ' '.
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<br />Added by Acts 1993, 73rd Leg., ch. 268, 9 1, erE. Sept. 1, 1993.
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<br />: :: " "':",:: "'Hi~torlcaI' a~'d StatlItory Notes ',; ',"." 1 ,
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<br />'Vernon's Ann.Civ.St" art., 842.\-2,
<br />(c), (e). ,,"',
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<br />9 3(a) 'to
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<br />Prior Laws: , ,"
<br />'Acts '1987,' 70th Leg.,~h.889:'
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<br />~ 2256.014. Bank Unwilling to Bid; Presumption
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<br />A gcivernrne~tal cntity or nonprofit corporation that is notified by a bank. that
<br />the ,bank is unable or unwilling to bid for invcstments under Section 2256.012
<br />" mayprestime'inaf'the' barikcci~tinues to be tinable or 'unwilling'fo bid, for
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<br />'investrnents until the bank in writing notifies the1entit~ oth~rw!~e',\i; I L.:n!.1~1>"1 .
<br />'Added by Acts. 199'J, 73rdtl:eg.) eh, 268;9: 1. ,erE:, Sept, 1,,1993;' ;;011: :'1';," -:d j-,,,fjl>f:.
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