CITY DEPOSITORIES.

Austin City Code tit. 2, ch. 2-4

in effect

Austin City Code § 2-4-1 ELIGIBLE BANKS.

§ 2-4-1 - ELIGIBLE BANKS. The City shall only appoint a banking corporation incorporated under the laws of the state or of the United States as a depository of the City's funds. Source: 1992 Code Section 5-8-1; Ord. 031204-9; Ord. 031211-11.

Austin City Code § 2-4-2 DESIGNATION AND DEPOSIT OF FUNDS.

§ 2-4-2 - DESIGNATION AND DEPOSIT OF FUNDS. (A) The city manager and the director of the Financial and Administrative Services Department shall designate the City's depository banks as authorized by Chapter 105 (Depositories for Municipal Funds) of the Texas Local Government Code. (B) Except as provided in Subsection (C), the Director of Finance shall deposit the City's funds as directed by the resolution designating a depository. (C) Before the director of the Financial and Administrative Services Department may deposit funds in a depository bank, the bank must qualify to serve as a depository by providing security as prescribed by Chapter 105 (Depositories for Municipal Funds) of the Texas Local Government Code and Chapter 2257 (Collateral for Public Funds) of the Texas Government Code. Source: 1992 Code Section 5-8-2; Ord. 031204-9; Ord. 031211-11.

Austin City Code § 2-4-3 DEPOSIT OF PLEDGED SECURITIES.

§ 2-4-3 - DEPOSIT OF PLEDGED SECURITIES. (A) A depository bank shall deposit or hold securities pledged to secure the City's funds in the manner directed by the city manager and director of the Financial and Administrative Services Department. (B) The city manager and the director of the Financial and Administrative Services Department have discretion to determine the value of securities pledged under this chapter and their determination is final and binding on a depository bank. Source: 1992 Code Section 5-8-3 and 5-8-5; Ord. 031204-9; Ord. 031211-11.

Austin City Code § 2-4-4 RELEASE OF EXCESS SECURITIES.

§ 2-4-4 - RELEASE OF EXCESS SECURITIES. If securities pledged by a depository bank exceed the amount of City funds on deposit in the bank, the city manager and director of the Financial and Administrative Services Department shall permit the release of the excess securities. Source: 1992 Code Section 5-8-4; Ord. 031204-9; Ord. 031211-11.

Austin City Code § 2-4-5 INSUFFICIENT SECURITIES.

§ 2-4-5 - INSUFFICIENT SECURITIES. If the amount of City funds deposited with a depository bank increase above the amount of securities pledged by the bank, the bank shall immediately pledge additional securities with the City sufficient to increase the amount of the pledged securities to an amount not less than the total amount of City funds on deposit in the bank. Source: 1992 Code Section 5-8-5; Ord. 031204-9; Ord. 031211-11.

Austin City Code § 2-4-6 SUBSTITUTION OF SECURITIES; SURRENDER OF INTEREST ON PLEDGED SECURITIES.

§ 2-4-6 - SUBSTITUTION OF SECURITIES; SURRENDER OF INTEREST ON PLEDGED SECURITIES. (A) The city manager and the director of the Financial and Administrative Services Department may allow a depository bank to substitute pledged securities if the replacement securities are authorized under Chapter 105 (Depositories for Municipal Funds) of the Texas Local Government Code and Chapter 2257 (Collateral for Public Funds) of the Texas Government Code. (B) Except as provided in Subsection (C), if requested by a depository bank, the city manager and the director of the Financial and Administrative Services Department shall surrender interest coupons and other evidence of interest on a security deposited by the bank with the City. (C) The city manager and the director of the Financial and Administrative Services Department shall not surrender interest coupons or other evidence of interest if the value of the pledged securities remaining is less than the total amount of City funds on deposit with a depository bank. Source: 1992 Code Section 5-8-6; Ord. 031204-9; Ord. 031211-11.

Source: City of Austin, City Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/tx/austin/codes/code_of_ordinances?nodeId=TIT2AD_CH2-4CIDEFetched: 10/27/2026