SECTION 13.563. Form of Deposit

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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.

Source Note: The provisions of this §13.563 adopted to be effective May 17, 2016, 41 TexReg 3479

                    
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