Untitled Texas Attorney General Opinion ( 1940 )

Yonorabi::: Jse X. Webb Cofnty Attorney Madison County i%disonville, Texas Gear Sir: Opinion No. O-1349 I-h?:State Ss.nks-- County deposi- tory -- F. D. I. C. -- Insur- ance -- Maximum insurance of individual accounts. We have your letter of February 71'1$+0, in ribichyo;~ask the rul- ing of this department upon questions therein stated, as follows, to-xit: "The County depository of Madisor,County, Texas, was the '~ North Zulch State Bank, located in Madison County.in the town of North .Zulch. Deposits up to $5000.00 were guaranteed by the Federal Deposit Insurance Corporation. This bank closed on January 4, 1940, and a.liquidating agent of the State Bank- ing Department and officials of the Federal Deposit I~sursnc$,.~ Corporation immediately took charge. "The F. D. I. C., as guarantor, has offen:d .L:, the county Superintendeat the sum of $5000.00, takirrgthe pos;fion that the several account balances of various schools azd of various other funds for school purposes comprise only one insurable ac- count within the meaning of the F. D. I. C. Act, analthat, therefore, the payment of $5000.00 by the F. D. I. C. complete- ly discharges its insurance liability as to schwl funds. The County Superintendent has declined to accept tllis$50X.00 of- fered by the F. D. I. C. Each and all of the s~2:oolsaffected as well as the school funds under consideration are commoa school districts. '!Alist of all accounts involved is attxied hereto and made a part hereof. The names of the se\reralaccounts are the same as appear on the bank books and the recxds of tKe County School officials. Each of these accounts was c%rrid &%perste- ly, a.ndon a separate sheet by the bank, also by -tLeCox?ty School officials. Honorable Joe 2. Webb - page 2 - (O-1949) "Is each Cosmon School District a separate governmental entItyP "Is each Independent School District a separate govern- mental entity? "Does the money in any account listed under Madison County Board of Education held in trust or otherwise, enjoy such actual separate ownership a8 to entitle it to separate insurance under the terms of the F. D. I. C. Act? In this connection the term 'County Board of Education' means the same as 'Board of County School Trustess'," Gur opinion No. O-1948 recently rendered to you has discussed quite fully the principles of law applicable to the questions propounded by you in this particular inquiry, and a further discussion is not thought to be neces- sary. In this, as in your other letter of inquiry, you state that each of these accounts was carried separately, and on a separate sheet by the bank. Our opinion No. O-1948 answers, we think, all of your inquiries, and no useful purpose could be subserved by making a detailed application of the law, as therein snnounced, to the particular fund or account listed in the sheet appended to your letter of inquiry. Very truly yours ATTOBNEYGENERALOFTEXAS By /s/ Ocie Speer Ocie Speer Assistant OS-MR-Ial APPROVED FEB 15, 1940 IS/ Gerald C. Mann ATTOBNEYGEEEBALOFTEXAS APPROVED OPINION COMMITTEE BY /s/ BWB CHAIRMAN