If Texas asks for the physical gold back, the New York Fed will say "Go talk to the people you deposited it with." It isn't with the New York Fed since they don't deal with private companies.
This isn’t the state of Texas as I understand it but rather
the gold belongs to the University of Texas. Don’t know if
that understanding is correct.
Here is info that supports your non Fed holding the gold.
University of Texas Endowment Holds $1 Billion Gold, 5% Of Its Portfolio
snip
Friday, as gold prices hit a new all-time high – $1486 an ounce($1500 is around the corner),
the University of Texas Investment Management Co., revealed that 5% of its $19.9 billion
endowment(it handles Texas A&M as well) was in actual bars of gold bullion in a New York
bank vault owned by HSBC Holdings, the London based global banking institution. Not in
any gold ETF or individual gold mining shares, or in gold futures;l Texas took delivery
of 6,643 actual bars of bullion, or 664,300 ounces– a quite unusual transaction for a
university.
end snip
Ordinarily this would be the case, but I suspect so much hanky-panky has been going on between the government and these corporations, who knows how the rules might have been rewritten? The level of trust here is approaching zero.