Sec. 279.153. DEPOSIT OF PUBLIC FUNDS BY STATE. (a) If the comptroller designates the financial institution as a state depository under Subchapter C , Chapter 404 , Government Code, the comptroller may deposit public funds with a financial institution designated as a banking district depository under Section 279.151 (a). (b) If the comptroller designates the credit union as a state depository under Subchapter C , Chapter 404 , Government Code, the comptroller may deposit public funds with a credit union designated as a credit union district depository under Section 279.151 (b). (c) For purposes of Subsections (a) and (b), a financial institution or credit union is subject to the collateral requirements of Section 404.031 , Government Code. (d) Subject to an agreement between the comptroller and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate. (e) In calculating the yield under Section 2256.006 , Government Code, of public funds deposited in a banking district or credit union district depository, the comptroller may consider the benefit to this state of stimulating economic development.
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