Passed bill authorizes Port of Harlingen to use CUs as depository

HB 1053 by Rep. Ryan Guillen (D-Rio Grande City) and Sen. Eddie Lucio, Jr. (D-Brownsville) makes several updates to the governing powers and authority of the Port of Harlingen. A floor amendment to the bill by Sen. Lucio provides that the Port Commission can use one or more credit unions or banks whose deposits are federally insured by NCUSIF or FDIC as the Port Authority’s depository institutions.

The bill provides the Port Authority greater flexibility with the disposition of real property interests to boost the economic development of the region. It also expanded the number of commissioners that serve on the Port Commission and allows the commission to hire a treasurer to manage financial matters.

HB 1053 passed the House on a unanimous vote and passed the Senate 27–4 and now goes to the governor’s desk.

Contact Jeff Huffman, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.