Custody and Use of Funds

Texas Code §802.207

An investment manager other than a bank having a contract with a public retirement system may not be a custodian of any assets of the reserve fund of the system.

When demands of the public retirement system require, the 30 governing body shall withdraw from a custodian of system funds money for use in paying benefits to members and other beneficiaries of the system and for other uses authorized by this subchapter and approved by the governing body.