A deposit must consist of funds in the form of:
(1) money of the United States including certificates
of deposit issued by a qualified financial institution, but the amount
of total deposits by the approved PEO in the qualified financial institution
may not exceed the greater of:
(A) the limits of federal insurance coverage for the
deposits; or
(B) ten percent of the issuing qualified financial
institution's net worth, provided that its net worth is in excess
of $25 million;
(2) bonds of Texas;
(3) bonds or other evidences of indebtedness of the
United States that are guaranteed as to principal and interest by
the United States government; or
(4) bonds or other interest-bearing evidences of indebtedness
of a county or municipality of this state.
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