By: Taylor H.B. No. 4660
A BILL TO BE ENTITLED
AN ACT
relating to the retention of any interest generated by the county
depository escrow account.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 23.122, Tax Code, is amended to read as
follows:
(c) The collector shall maintain the escrow account for each
owner in the county depository. The collector is not required to
maintain a separate account in the depository for each escrow
account created as provided by this section but shall maintain
separate records for each owner. The collector shall retain any
interest generated by the escrow account to [defray the cost of
administration of the prepayment procedure established by this
section] be used to supplement the costs of general operations in
the office. Interest generated by an escrow account created as
provided by this section is the sole property of the collector, and
that interest may be used by no entity other than the collector.
Interest generated by an escrow account may not be used to reduce or
otherwise affect the annual appropriation to the collector that
would otherwise be made.