The Texas Bullion Depository, one of the most 'out there' ideas to come out of the 2015 Texas Legislature, will become a reality, News Radio 1200 WOAI reports.
Kevin Lyons of the Texas Comptroller's Office says an Austin contractor, MHT contractors, has been selected to build the super high security vault which will house the state's gold reserves, as well as precious metals which are owned by Texas citizens.
"They've got the kind of expertise and experience needed to build this depository, to keep Texas gold and precious metals secure," he said.
The 2015 Legislature was shocked to learn that the state's bullion supply, which is mainly held by the University of Texas Endowment, was being stored in a vault at the Federal Reserve Bank of New York City.
Lawmakers didn't claim that the New York vault was unsafe, or that the Texas gold was in any danger, but it raised chauvanist hackles for the Texas Legislature to think that Texas precious metals were being held in New York City.
Construction on the multi-acre site in Leander is expected to begin this month.
The facility will include space for highly secure precious metals storage and will incorporate the latest technology in security systems, including advanced perimeter defense and high-definition security cameras.
The State Comptroller vows that the Texas Bullion Depository will be "held to a higher standard than other depositories in the United States. It is the only precious metals depository operated with oversight from a state government."