Texas Attorney General Opinion: H-574 Page: 1 of 5
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TIHE ATTORN EY GENERAL
OFr TEXAS
S1 Ausrrt, TIxAs 78711
JOHN LI lllr
A' w 'OR 0WlaML AL
April 7, 1975
The Honorable Jesse James Opinion No. H- 574
State Treasurer
Treasury Department Re: Limits of FDIC insurance
State of Texas of state funds deposited in
Austin, Texas 78711 commercial banks.
Dear Mr. James:
You have requested our opinion concerning the extent to which
funds deposited by the State Treasurer in various bank accounts are
insurable under Public Law 93-495, 12 U.S. Code Cong. & Ad. News
5684 (1974). Under Article 2529a, V. T. C. S., security for deposits
of political subdivisions is required only to the extent said deposits are
not insured under the Federal Reserve Act, 12 U. S. C. 1811, et seq.
Public Law 93-495, in addition to raising Federal Deposit
Insurance Corporation (FDIC) coverage to $40, 000 for all insured
accounts, provides in part:
(2) (A) Notwithstanding any limitation in this Act
or in any other provision of law relating to the amount
of deposit insurance available for the account of any
one depositor, in the case of a depositor who is . .
(ii) an officer, employee, or agent of any State
of the United States, or of any county, municipality,
or political subdivision thereof having official custody
of public funds and lawfully investing or depositing the
same in time and savings deposits in an insured bank
in such State; . . . his deposit shall be insured in an
amount not to exceed $100, 000 per account. (Emphasis
added) Section 101(a), amending, 12 U.S. C. 1821(a).p. 2564
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Texas. Attorney-General's Office. Texas Attorney General Opinion: H-574, text, April 7, 1975; (https://texashistory.unt.edu/ark:/67531/metapth271098/m1/1/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.