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<br />state agencYa <br /> <br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. 1, 1993. <br /> <br />S 2257.044. Custodian as Bailee <br />( a) A custodian under this chapter or a custodian of a security pledged to an institution of higher <br />education, as defined by Section 61 a 003, Education Code, whether acting alone or through a <br />permitted institution, is for all purposes the bailee or agent of the public entity or institution <br />depositing the public funds with the depositorya <br />(b) To the extent of any conflict, Subsection (a) prevails over Chapter 8 or 9, Business & Commerce <br />Code. <br /> <br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. 1, 1993. <br /> <br />S 2257.045. Receipt of Security by Custodian On receipt of an investment security, a custodian <br />shall: <br />(1) immediately identify on its books and records, by book entry or another method, the pledge of the <br />security to the public entity; and <br />(2) promptly issue and deliver to the appropriate public entity officer a trust receipt for the pledged <br />securi ty. <br /> <br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. 1, 1993. <br /> <br />S 2257.046. Books and Records of Custodian; Inspection <br />(a) A public entity's custodian shall maintain a separate, accurate, and complete record relating to <br />each pledged investment security and each transaction relating to a pledged investment securitYa <br />(b) The comptroller or the public entity may examine and verify at any reasonable time a pledged <br />investment security or a record a custodian maintains under this section. The public entity or its agent <br />may inspect at any time an investment security evidenced by a trust receipt. <br /> <br />(c) The public entity's custodian shall file a collateral report with the comptroller in the manner and <br />on the dates prescribed by the comptrollera <br /> <br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. 1, 1993. Amended by Acts 1997, 75th Leg., <br />ch. 891, S 3.18, eff. Sept. 1, 1997. <br /> <br />S 2257.047. Books and Records of Permitted Institution <br />(a) A permitted institution may apply book entry procedures when an investment security held by a <br />custodian is deposited under Section 2257a042a <br />(b) A permitted institution's records must at all times state the name of the custodian that deposits an <br />investment security in the permitted institutiona <br /> <br />Added by Acts 1993, 73rd Leg, ch. 268, S 1, eff. Sept. 1, 1993. <br /> <br />S 2257.048. Attachment and Perfection of Security Interest <br /> <br />City of San Marcos Investment Policy <br /> <br />Page 37 <br />