The following words and terms, when used in this chapter, have the following meanings: (1) Acceptable collateral--An eligible security under Government Code, §2257.002(4) that is deemed acceptable by the comptroller to pledge as collateral to secure the deposit of public funds in the pooled collateral program. (2) Collateral security agreement--A binding security agreement between a public entity and a participating depository institution to secure the deposit of public funds in the pooled collateral program. The collateral security agreement must be on a form provided or approved by the comptroller. (3) Custodian trustee--A custodian as provided under Government Code, §2257.104(c) and §2257.041(d). (4) Deposit of public funds--Public funds of a public entity that the comptroller does not manage under Government Code, Chapter 404 held as a demand or time deposit by a participating depository institution. (5) Depository institution--A state or national bank, savings and loan association, federal savings bank, or credit union that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, and maintains a home or branch office in Texas. (6) Participating depository institution--A depository institution that has been approved by the comptroller for participation and holds deposits of public funds in the pooled collateral program. (7) Permitted institution--A financial institution defined in Government Code, §2257.002(6). (8) Pooled collateral program--The centralized pooled collateralization of deposits of public funds administered by the comptroller under Government Code, Chapter 2257, Subchapter F and this chapter. (9) Public entity--A state or a political or governmental entity, agency, instrumentality, or subdivision of the state, including a municipality, a conservation or reclamation district created under Texas Constitution, Article XVI, Section 59, and a public hospital, but the term does not include an institution of higher education, as defined by Education Code, §61.003. (10) State fiscal year--September 1st through August 31st. |
