Texas Government Code 2116.004 – Deposits and Related Assets Not Subject to Legislative Appropriation; Status of Deposits and Allocation of Revenues
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(a) The following are not available for legislative appropriation:
(1) a deposit to the depository;
(2) bullion or specie held by or on behalf of the depository or a depository agent;
(3) bullion or specie in transit to or from the depository or a depository agent; and
(4) a receivable or other amount owed to the depository in settlement of a transaction in bullion or specie.
(b) Bullion, specie, and other assets described by Subsection (a) are subject to redemption, liquidation, or transfer exclusively to discharge an obligation of the depository to depository account holders, depository agents, bullion banks, financial institutions, or other intermediaries in accordance with this chapter and rules adopted under this chapter.
Terms Used In Texas Government Code 2116.004
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) Revenue the depository realizes from fees, charges, or other payments received in the course of depository operations shall be deposited to the credit of the general revenue fund.