AUSTIN, Texas (AP) — An Austin company has been chosen to build and operate the Texas Bullion Depository.

Texas Comptroller Glenn Hegar on Wednesday announced selection of Lone Star Tangible Assets. Agency officials say Lone Star Tangible Assets operates a vault that will serve as the initial depository, amid plans to build a new vaulting facility in the Austin area.

The 2015 Texas Legislature approved a plan to start keeping the state's gold holdings within its own borders, instead of in an underground vault at a New York City bank.

Texas authorities didn't immediately say how much gold would be stored in what's billed as the nation's first state-administered gold depository.

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